During the current fiscal year, Jeremiah Corp. signed a long-term noncancellable purchase commitment with its primary supplier. Jeremiah agreed to purchase $2.5 million of raw materials during the next fiscal year under this contract. At the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $2.3 million. What is the journal entry at the end of the current fiscal year

Answers

Answer 1

Answer:

Debit Unrealized Holding Gain or Loss$200,000

Crediit Estimated liability on Purchase Commitments $200,000

Explanation:

Preparation of the journal entry at the end of the current fiscal year

Based on the information given the journal entry at the end of the current fiscal year will be :

Debit Unrealized Holding Gain or Loss $200,000

Crediit Estimated liability on Purchase Commitments $200,000

($2.5 million-$2.3 million)


Related Questions

For the last several months, an employee stays late to finish up work. When
he does this, everyone else has gone home, so he is mostly on his own. This
is a possible sign that he is

Answers

Answer: Embezzling

Explanation:

Pleeeeaasseee help

Recall the four reasons some people favor trade restrictions. Give an example from the U.S. economy that you think best fits each reasons

Answers

Answer:

Explanation:

Some measures that check commercial processes are internal to countries, such as the liberalization of trade in services, the elimination of barriers and the creation of mechanisms to protect foreign investors, competition and public procurement policies, and labor standards.

Interest earned on a savings account is _____.

Answers

Explanation:

Interest earned on a savings account is everfi

The House manufacturers two different skateboard models. The company produces products using standardized production runs. The company does very little product customization. The House uses what type of technology structure? Question 10 options: Service production Mass production Large-batch production Small-batch production Continuous process production

Answers

Answer: Mass production

Explanation:

Since the products produced by the company uses standardized production runs and very little product customization, the type of technology structure used is mass production.

Mass production refers to production of of large quantities of products which are standardized usually by using automation technology or assembly lines. Mass production brings about the efficient production of a huge amount of similar products.

John Park lives in Anytown, Missouri. He rents an apartment on Broad Street. He has one credit card with National Bank. He pays the balance on this every month, and he always stays within his $400 spending budget. In addition, he has one student loan, which he defers, since he is a full-time student. He has recently applied for a job at Happy Hamburgers.

Based on John’s profile, what information should he expect to find on his credit report? Check all that apply.

1. inquiries from his lenders, the apartment complex, and Happy Hamburgers
2. a note about delinquency from National Bank
3. a current account for his student loan
4. a current account with National Bank
5. a current account with Happy Hamburgers

Answers

Answer:

1,3, and 4

Explanation:

check for self

1. A fee that occurs every year

Answers

Taxes is the answer

[tex]\huge{\textbf{\textsf{{\color{pink}{An}}{\red{sw}}{\orange{er}} {\color{yellow}{:}}}}}[/tex]

Annual fee

You drink 19 beers to celebrate the end of your risk management and insurance class, then have an accident while driving home from the bar. The police charge you with drunk driving, and with hitting another automobile from behind. What will your automobile insurer do when you file a claim for the damage to your car, and, what will it do when the injured people in the other car file claims to have their bodily injuries paid for

Answers

Answer: The insurer will pay for claims that was insured for or that which the insurance package covers.

Explanation:

Insurance could be described simply as a cover for damages done either in the present or future to be able to curb losses. Insurance companies offer various packages or insurance covers to the client, ranging from house, to cars and other various insurance cover. The insurance company will pay the claim for the accidents but this would be based on the particular claim that was insured for because the Insurance company won't pay for claim that wasn't insured, it would be a loss on their side

What is the role of business in a global economy?

Answers

Answer:

In any market economy, business plays a huge role. Business is the engine of an economy. Business provides jobs that allow people to make money and goods and services that people can buy with the money they make. Without business, the economy would be very inefficient and/or very primitive.

Explanation:

Discuss the social views that influence our relationship​

Answers

Answer:

relationships with others influence how we communicate with them by many different factors. The relationship between people influence the way we interact with them. Giving hugs is generally for people you are close to, although you may shake someone's hand if you are not as close to them

Answer:

well what kind of relationship?

Explanation:

Recall the four reasons some people favor trade restrictions. Give an example from the U.S. economy that you think best fits each reasons

Answers

Answer: See explanation

Explanation:

Trade restrictions simply means a way of protecting the local industries. This can be through imposition of tariffs on foreign goods, use of quota etc. The importance of trade restrictions are:

1. Trade restrictions are important in the protection of the infant indutries, that is, the young industries in a country that are just growing.

2. Trade restrictions is necessary to prevent dumping of goods. This mean selling of goods at lower prices or of low quality in a country. This gives such products an unfair advantage over other goods produced in the home country.

3. Trade restrictions is vital on order to protect the strategic indutries.

4. Trade restrictions is also vital in order to protect the jobs of the people in the country. When goods are imported rather than supporting local businesses, this can lead to unemployment as workers will lose their jobs.

how come ethics impact on psychology

Answers

Answer:

Ethical implications are the impact in which psychological research could have on the rights of individuals. This could be how the research affects public policy or the way in which certain groups are viewed or treated.

Explanation:

Discuss intellectual property frankly.

Be conscious of multiple roles.

Follow informed-consent rules.

Respect confidentiality and privacy.

Tap into ethics resources

Creating an anonymous complaint or grievance process is something
employers can implement to prevent which of the following?
O A. Layoffs
B. Harassment
C. Taxed income
D. Arguments

Answers

Answer is B.) Harassment

hope I could help goodluck

SKATEBOARDERS. WHAT ARE SOME DISADVANTAGES AND ADVANTAGES OF YOUR SKATEBOARD?
What would you change if you could. Just wondering

Answers

How fast I can go lol

Answer:

uh how i fall off sometimes disadvandage and it going right for me advandage

Explanation:

How would your life be affected by having to buy products manufactured by a monopoly?

Answers

Answer:

no industry competition

Explanation:, a monopoly's price is the market price and demand is market demand. Even at high prices, customers will not be able to substitute the good or service with a more affordable alternative. As the sole supplier, a monopoly can also refuse to serve customers.

Lyon Company had the following transactions: Apr. 8 Issued a $6,000, 60-day, six percent note payable in payment of an account with Bennett Company. May 15 Borrowed $40,000 from Lincoln Bank, signing a 60-day note at nine percent. Jun. 7 Paid Bennett Company the principal and interest due on the April 8 note payable. Jul. 6 Purchased $14,000 of merchandise from Bolton Company; signed a 90-day note with ten percent interest. Jul. 14 Paid the May 15 note due Lincoln Bank. Oct. 2 Borrowed $30,000 from Lincoln Bank, signing a 120-day note at nine percent. Oct. 4 Defaulted on the note payable to Bolton Company. Required a. Record these transactions in general journal form. b. Record any adjusting entries for interest in general journal form. Lyon Company has a December 31 year-end. Round answers to nearest dollar. Use 360 days for interest calculations.

Answers

Answer:

Lyon Company

General Journal with adjusting entries for interest expense:

Date         Account Titles                 Debit             Credit

Apr. 8       Accounts payable

                (Bennett Company)      $6,000

                6% Note payable  (Bennett Company) $6,000

To record the issuance of a 60-day note at 6% interest.

May 15      Cash                         $40,000

                 9% Note payable (Lincoln Bank)      $40,000

To record the issuance of a 60-day note at nine percent.

Jun. 7        6% Note payable

                 (Bennett Company) $6,000

                 Interest expense           $60

                 Cash                                                   $6,060

Jul. 6         Inventory                $14,000

                 10% Note payable (Bolton Company) $14,000

To record the purchase of inventory by issuing a 90-day note.

Jul. 14       9% Note payable

                 (Lincoln Bank)     $40,000

                 Interest expense     $600

                 Cash                                                  $40,600

To record the full settlement of the note with interest.

Oct. 2        Cash                 $30,000

                 9% Note payable (Lincoln Bank)     $30,000

To record the issuance of a 120-day note at 9% interest.

Oct. 4 10% Note payable

                 (Bolton Company) $14,000

                 Interest expense       $350

                 Accounts payable (Bolton Company) $14,350

To record the default on payment of the note payable.

Explanation:

a) Data and  Analysis:

Apr. 8 Accounts payable (Bennett Company) $6,000 6% Note payable  (Bennett Company) $6,000 60-day

May 15 Cash $40,000 9% Note payable (Lincoln Bank) $40,000 a 60-day note at nine percent.

Jun. 7 6% Note payable  (Bennett Company) $6,000 Interest expense $60 Cash $6,060

Jul. 6 Inventory $14,000 10% Note payable (Bolton Company) $14,000 a 90-day note

Jul. 14 9% Note payable (Lincoln Bank) $40,000 Interest expense $600 Cash $40,600

Oct. 2 Cash $30,000 9% Note payable (Lincoln Bank) $30,000

a 120-day note

Oct. 4 10% Note payable (Bolton Company) $14,000 Interest expense $350 Accounts payable (Bolton Company) $14,350

McGlone Corporation had a 1/1/17 balance in the Allowance for Doubtful Accounts of $40,000. During 2017, it wrote off $28,000 of accounts and collected $8,400 on accounts previously written off. The balance in Accounts Receivable was $800,000 at 1/1 and $960,000 at 12/31. At 12/31/17, McGlone estimates that 5% of accounts receivable will prove to be uncollectible. What should McGlone report as its Allowance for Doubtful Accounts at 12/31/17

Answers

Answer:

$48,000

Explanation:

The computation of the amount that should be reported as its allowance for doubtful accounts is shown below

= Ending balance of account receivable × uncollectible percentage

= $960,000 × 0.05

= $48,000

hence, the  amount that should be reported as its allowance for doubtful accounts is $48,000

The above formula should be applied

Notes move in different directions. what refers to the movement of notes​

Answers

Answer:

Melodic motion is the quality of movement of a melody, including nearness or farness of successive pitches or notes in a melody. This may be described as conjunct or disjunct, stepwise, skipwise or no movement, respectively.

When i grow up i would like to be a real estate agent and also create my own business

can someone help me whit the rest pls!!!​

Answers

Answer:

re write to (after high school i would follow my dreams and seek my future to become knows as a real estate agent and would love to become one good salary and a wealth living for my future family) -there you go add more if its not enough

Explanation:

Phil works at a wholesaler that specializes in organic, grass-fed beef. Resellers wanting to purchase from Phil's organization have few options to choose from because its beef products tend not to vary. Phil most likely works for a __________________. a. rack jobber b. specialty-line wholesaler c. general-merchandise wholesaler d. limited-service wholesaler e. limited-line wholesaler

Answers

Answer:

b. specialty-line wholesaler

Explanation:

Specialty line wholesalers are the wholesalers that keep specialized products and deal in them. They do not keep diverse products. The limited products are sold and bought in wholesale. The range of products are very narrow. For instance, when a wholesaler deals with products specialized in dairy products, it stands as an example of being a specialty-line wholesaler.  

In the given situation, Phil works in a wholesaler that deals with the specialized product off organic, grass-fed beef. Therefore the wholesaler stands to be a specialty-line wholesaler.

Which of the followind one-time payments are renters typically required to pay In to their first month's rent when they sign a lease

Answers

Answer:

Security deposit

Explanation:

Security deposits is a term that is used to describe a one-time payment that renters are typically required to pay into their first month's rent when they sign a lease.

This security deposit is usually given back to the renter after the tenancy period has ended, and the tenants did not cause any form of unusual damage beyond what is expected through the usage period.

PLEASE QUICK (will give Brainliest)
Which questions should Robert ask himself before investing the $10,000 he inherited? Select four options.

How am I protected as an investor?
Are my friends investing in a similar way?
What guarantees are in place so I make money?
What taxes will I have to pay on this investment?
How do the risks compare to the potential gains?
What are the chances that the investment will fail?

(only 4 options)

Answers

Answer:

the answers are 3,4,5,6

What guarantees are in place so I make money?, What taxes will I have to pay on this investment?, How do the risks compare to the potential gains? and What are the chances that the investment will fail? are the questions should Robert ask himself before investing the $10,000 he inherited. Hence, option C, D, E and F are correct.

What is investing?

Investing is the practice of buying assets that increase in value over time and provide returns in the form of income checks or capital gains. Investment can also be used more broadly to refer to spending time or resources to improving your own or others' life.

To invest, you put money into a fund or account with the goal of making a profit. Investing may result in larger returns over time (which may also involve more risk). Because of this, some individuals use investing to fulfill long-term goals like retirement.

Any strategy that generates prospective future income can be referred to as an investment. Purchasing securities like bonds, stocks, or real estate is one example of this.

Thus, option C, D, E and F are correct.

For more information about investing, click here:

https://brainly.com/question/15353704

#SPJ2

A newspaper headline writer found that the more adjectives she put in the titles of her articles, the greater the number of newspapers that were sold that day. This relationship between numbers of adjectives and newspaper sales must be:

Answers

Answer:

Positive.

Explanation:

A linear function has a positive relationship and as such an increase in one variable (input variable) causes an increase in the other variable (output variable) i.e the variables are directly proportional. Thus, the graph of a linear function is a straight-line and its slope is always constant.

On the other hand, nonlinear function has a negative relationship and as such an increase in one variable (input variable) causes a decrease in the other variable (output variable) i.e the variables are inversely proportional.

This ultimately implies that, the graph of a nonlinear function is a curved line and whose direction is constantly changing

In this scenario, the relationship between numbers of adjectives and newspaper sales must be positive because the higher the amount of adjectives put in the titles of her articles, the greater the number of newspapers that would be sold on a particular day.

Which of the following best helps a company move toward achieving its
vision and mission?
A. Goals and objectives
B. Competitors and stakeholders
C. Activist investors
D. Corporate social responsibility

Answers

A. Goals and objectives

a mission is what your goal is, what you are looking forward to and hope to achieve

Choose the term that best matches the description given.
The act that has its own definition and remedial steps for mistakenly created e-commerce contracts:
Pls help me. I will give best answer

Answers

Answer:

I have no idea is that history

This is so true don’t you think so ???

Answers

Answer:

yup

Explanation:

Each pail of plaster covers 97 square feet of ceiling. How many pails of plaster would you need to buy to cover the ceiling of a room with walls 14 feet long?

Answers

Answer:

2.02

Explanation:

Each pail of plaster covers 97 Square feet of ceiling

The ceiling of the room is 14 ft long

= 14×14

= 196

Therefore the pail of plaster that will be needed to cover the rooms can be calculated as follows

= 196/97

= 2.02

Jeff is trying to buy a new car. Which of the following may cause him not to be able to get a loan to purchase the car?

A. Jeff's credit report shows he makes all of his payments on time.

B. Jeff has had a credit history for 10 years.

C. Jeff has a low credit score.

D. All of the above.

Answers

The answer to this question is all of the above so d

repost because it got lost in a sea of questions)


The Wang sheng Funeral harbor had received coffins from their supplier. The director, Hu Tao decides to advertise them. Is this a good choice?

Answers

Answer:

No

Explanation:

If Hu Tao advertises them, then people will do their own funeral preperations and buy straight from the supplier, as will other companies. Then they won't make as much mora and who will pay Zhongli?

Wait...

Just remembered Childe exists, Zhongli will be fine.

4. Use the Internet to find an online job posting. Try searching a site like careerbuilder.com or monster.com. Then complete the items below. a. List the link to the posting. (1.0 point) b. List at least two requirements of the job. Complete sentences are not necessary. (2.0 points) c. List at least three tasks that are a part of the job. Complete sentences are not necessary. (3.0 points) d. Write 1-2 sentences explaining why or why not this job would be a good fit for you (2.0 points)

Answers

Answer and Explanation:

Hello. Brainly does not allow links to be placed in responses, which makes it impossible for me to answer your first question. However, you can find this job vacancy in the careerbuilder when searching for Internet / BDC Director.

Two requirements that this job vacancy requires of possible candidates are: Knowledge of management of social networks and experiences with online sales.

The individual who is interested in this job vacancy, if hired, will have to carry out online and face-to-face sales, perform administrative functions and perform customer service whenever necessary.

This job is not a good option for me, because I have no experience in sales, but this is a very promising job vacancy, with a fair salary and benefits, I believe that if I had the requirements, I would do very well in this type of job.

Answer:

1. https://www.careerbuilder.com/job/J337WK6Y75401Z09WZ9

2. · Ideal to have 1 year experience as a pharmacy technician coordinating activities in an administrative support function.

· Must have valid Pharmacy Technician License

3. Working with patients to explain and educate on medical questions

· Tracking and logging vaccination details into EMR (electronic medical records system)

· Assisting Pharmacist as needed

4. This job would be a good fit for me, because I am compassionate, patient, and pay attention to detail. My mathematical skills are excellent, and like working with a team of health care professionals.

Explanation:

During a performance evaluation, what should be discussed?"
Future goals and plans
The training process
The menu
Company mission and vision statements
Other:

Answers

Future goals and plans
Other Questions
Please help Find the distance between (9, 3) and (6, 8). Round your answer to the nearest tenth. The distance is about ____ units. Links will be reported along with fake comments, thank you. I WILL MARK U AS BRAINLIEST Please help ASAP!!! Janet wants to know if any form of life has ever existed on Mars.How do the two sources differ on where evidence of life would be located on Mars?1. Source 1 says that NASA has discovered life on Mars. Source 2 says Mars has had water in the past.2. Source 1 says that moisture from clouds is a water source on Mars. Source 2 says that the water on Mars is in liquid form.3. Source 1 says that evidence of life would be found below the surface. Source 2 says that radiation has destroyed any sign of life onMars.4. Source 1 says that any evidence of water on Mars could be found on its surface. Source 2 says the evidence would be found belowthe surface. tell me if you cant see the photo! :) question is above photo :) Find the product of these complex numbers.(3-4i)(1 - i) = The graph of function f is shown. Function g is represented by the table. x -2 -1 0 1 2 g(x) -32 -16 -8 -4 -2 Which statement correctly compares the two functions on the interval [0, 2]? A. Function f is increasing, and function g is decreasing. B. Both functions are increasing, but function f is increasing faster. C. Both functions are increasing, but function g is increasing faster. D. Both functions are increasing at the same rate. SOMEONE PLEASE HELP ME WILL GIVE BRAINLY Why might Akala say that we should teach Shakespeare? Choose the correct form of the verb avoir to complete each sentence. A scatter plot with a line is shown below. (Attachment)Which statement is most likely correct about the line? It can be the line of best fit because it is closest to most data points. It can be the line of best fit because it passes through all the scatter points. It cannot be the line of best fit because it does not pass through all the points. It cannot be the line of best fit because it does not pass through the first and last points.Please help! Other brainy answers DO NOT help. Will mark brainliest! 1/9 of the shirts sold at Peters shop are striped. 5/8 of the remainder are printed. The rest of the shirt are plain colored shirts. If Peters shop has 81 plain colored shirts, how many more printed shirts than plain colored shirts does the shop have?ThanksSpectrier(My other one got ignored so I am posting this again) Hi, can you please check my answers?Many children now insist on owning a mobile phone. I do not believe that buying a mobile phone to children is a good idea for three reasons. The mobile phone negatively affects children's social life, it distracts them, and they may get abused.First of all, the mobile phone negatively affects children's social lives. They might spend all their time playing on the phone and neglecting to spend time with their family and friends. 2 Moreover, they might even hate going out to the park and prefer to stay home, playing video games on their phones. For all that , mobile phones are not good for children's social life. Secondly, mobile phones might distract children from studying. They spend all their time playing on the mobile phone without studying. Moreover, many children get addicted to mobile phones and then neglect everything else in their life. Mobile phones are very distracting to children. Thirdly, children may get abused. They might get calls and messages from older people who abuse them. Added to that, they can connect to the internet and view websites that are not suitable for their age. We should protect our children both from the internet and from getting abused. To sum up, I think that we should not buy mobile phones for children. They are young and need to be active and play around instead of playing on a mobile phone all the time. REAL answers PLSSS ASAP Solve for y. Take you time What are some solutions to solve the problem of companies moving overseas, because of lower labor cost in other countries? Use the distributive property to rewrite each expression in its equivalent form Help!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! the circumference of a circle is about 48.042 yards. the circle's diameter is ___ yards.use 3.14 for pi. pls help i really need it!!!!!i'm writing an essay and i need help on it. My brain hurts and can't think, i'm really tiered and need to go to bed since i have a SAT test tomorrow morning. I need a good night rest cause its really late out here and would appreciate your help.could you pls give me some facts of sentences.pls take this seriously, i really need it.thank you :)