Swifty Company took a physical inventory on December 31 and determined that goods costing $170,000 were on hand. Not included in the physical count were $20,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $18,000 of goods sold to Alvarez Company for $26,000 FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Swifty report as its December 31 inventory

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. question 1 options: true false

Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.