27· 3.03 points The Matec Merchandise costing $30,000, shlpped to.b. shipping po

Question

27· 3.03 points The Matec Merchandise costing $30,000, shlpped to.b. shipping point from a vendor o Merchandise costing $22,000, shipped to.b. destination from a vendor on December 28, 2016, was r Merchandise costing $38,000 was Merchandise costing $12,000 was being held on consignment by Traynor Company at cost, and before any necessary adjustment for the following: December 30, 2016, was received on January 5, 2017 f ecelved on Janusry 3, 2017 to a customer fo.b. destination on December 28, arrived at the customer's location on Jenuary 6, what amount should Mateo Corporation report as inventory in its December 31, 2016, balance sheet? 2017. O $427000 O $367000 O $405.000 O $325.000 esc 20 F3 -1M

Explanation / Answer

27.) The option is $405,000

reason : The amount Mateo company should report in the balance sheet as inventory on december 31st,2016 is ($325,000+$30,000 + $38,000 + $12,000 )= $405,000

28.) The discount on non interest payable liability is classified as a contra liability in Balance sheet.

reason:contra liability means its a liability account created to offset another liability account. it used for adjusting the book value of assets and liabilities.

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