5. On October 1, year 1, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per gallon. 55,000 gallons were delivered on December 15, year 1, and the remaining 45,000 gallons were delivered on January 15, year 2. Payment terms were: 50% due on October 1, year 1, 25% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should Acme recognize from this sale during year 1? *
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- On October 1, 20x3, ABC Fuel Co. sold 100,000 gallons of heating oil to DEF Co. at ₱4 per gallon. TwentyFive thousand gallons were delivered on December 15, 20x3, and the remaining 75,000 gallons were deliveredon January 15, 20x4. Payment terms were: 25% due on October 1, 20x3, 50% due on first delivery, and theremaining 25% due on second delivery. What amount of revenue should ABC Fuel Co. recognize from thissale during 20x3?On May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment. The cost of the appliances shipped is 155 per unit. The consignor paid shipping costs totaling 50. Each unit is to be sold at 250 payable 50 in the month of purchase and P10 per month thereafter. The consignee is entitled to 20% of all amounts collected on consignment sales. SZ Company was able to sell 3 appliances in May and 1 in June. Regular monthly collections by the consignee, and appropriate cash remittances have been made to the consignor at the end of each month . 17. What is the total amount of remittance to consignor as of June? A. P-0- B. P184 C. P64 D. P200 18. How much is the profit on consignment? A. P150 B. P294 C. P140 D. None of the above 19. What is the cost of inventory on consignment? A. P155 B. P165 C. P245 D. None of the above ConAt the beginning of the current year, Clan Company offers the customers a pottery bowl if they send in three boxtops from the products and P10. The entity estimated that 60% of the boxtops would be redeemed.During the year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P 25.What is the liability for outstanding premium at year-end?
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- On March 1, Bartholomew Company purchased a new stamping machine with a list price of $88,000. The company paid cash for the machine; therefore, it was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $3100; sales tax paid, $6,720, installation costs, $1,900; routine maintenance during the first month of operation, $3,000. The cost recorded for the machine was:Kikiam Company sells equipment service contracts that cover a two-year period. The sales price of each contract is P4,000. Kikiam Company’s past experience shows that of the total pesos spent for repairs in service contracts, 40% in incurred evenly during the first contract year and 60% evenly during the second contract year. Kikiam Company sold 1,500 contracts evenly throughout 2020 and 900 contracts evenly throughout 2021. How much should Kikiam Company report as contract service revenue for the year ended December 31, 2021?needed in 8 minutes BC has entered into a non-cancellable purchase contract which the company to purchase 5,000 sacks of copra from seller at P650 per sack middle of 20x1. By the end of 20x1, the price of copra per sack increases to P670 and by the end of the first quarter of 20x2, it rolls back to 630 a sack when ABC made the actual purchase triggered from the continuing decline since 20x2 commenced. At year end, inventory shall be carried at