8 - How are the expenses incurred in export transactions and undertaken by the exporter company recorded into which account? A) To the debt of the 612 Other Discounts Account B) To the debt of 770 General Administrative Expenses Account C) To the debt of 159 Advances Given Account D) To the debt of the 760 Marketing, Sales and Distribution Expenses Account E) To the debt of 780 Financing Expenses account

8 - How are the expenses incurred in export transactions and undertaken by the exporter company recorded into which account? A) To the debt of the 612 Other Discounts Account B) To the debt of 770 General Administrative Expenses Account C) To the debt of 159 Advances Given Account D) To the debt of the 760 Marketing, Sales and Distribution Expenses Account E) To the debt of 780 Financing Expenses account

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter9: Operating Activities

Section: Chapter Questions

Problem 2AIC

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(5) The company "Z" displays in its accounting records the following costs for the goods purchased to reach safely its warehouses: Invoice value of goods 150.000€, discounts given on the invoice value of the purchase of 11.000 €, transport paid for the transport of goods from the warehouse of the supplier to the premises of the buyer 2.500 €, insurance premiums of goods 3.150 € were paid, packing costs for the transport 8.450 €, fees and customs clearance costs 7.780 €, commissions purchases 4.140 €, administrative expenses 5.550 €, salaries and wages 6.750 €, light-water-phone 3.150€, advertising-promotion costs 3.550€ and financial interest (debit) 1.485€. Requested: To determine the cost of purchase of the quantities purchased.
11th - Which of the following is included in financial expenses? a) 661 Long Term Borrowing Expenses Hs. B) 656 Foreign Exchange Losses Hs. NS) 654 Provision Expenses Hs. D) 621 Cost of Goods Sold Hs. TO) 680 Non-Working Part Expenses and Losses Hs.
M6-13 (Algo) Preparing a Multistep Income Statement [LO 6-6] Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $1,600; Cost of Goods Sold, $18,360; Income Tax Expense, $2,680; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $1,800; Net Sales, $30,770; and Delivery (freight-out) Expense, $220.Prepare a multistep income statement for distribution to external financial statement users.
13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and Administrative expenses incurred was RM100,000. What is the amount of the gross profit? Select one: A. RM350,000 B. RM100,000 C. RM250,000 D. RM200,000 14. An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows: Accounts Debit (RM) Credit (RM) Cash 19,500 Notes Receivable, Short-term 61,000 Rent Receivable 1,500 Office Supplies 13,750 Prepaid Insurance 2,750 Office Equipment 15,000 Accumulated Depreciation – Office Equipment 12,500 Accounts Payable 15,750 Wages Payable 2,250 Unearned Revenue 15,000 Notes Payable, Long-term 25,000 Capital 80,000 Drawings 27,500 Service Revenue 40,250 Rent Revenue 5,500 Wages Expense 38,250 Insurance Expense 6,250…
Corporation.Gross income $25,240,000Total sales 24,324,000Total credit sales 18,785,000Net income 2,975,000Cost of goods sold 12,600,000Total assets 10,550,000Average inventory 2,875,000Average receivables 3,445,000a. Compute the receivable turnover ratio.b. Compute the inventory turnover ratio.c. Compute the asset turnover ratio.
60.Presented below is a list of items that may or may not be reported as inventory in a company’s December 31 balance sheet. 1. Goods out on consignment at another company’s store- P800,0002. Goods sold on installment basis- P100,000 3. Goods purchased F.O.B. shipping point that are in transit on December 31- P120,0004. Goods purchased F.O.B. destination that are in transit on December 31- P200,000 5. Goods sold to another company, for which our company has signed an agreement to repurchase at a set price that covers all costs related to the inventory- P300,000 How much of these items would typically be reported as inventory in the financial statements?
Presented below are transactions related to Oriole Company. 1. On December 3, Oriole Company sold $585,800 of merchandise to Cheyenne Co., terms 2/10, n/30, FOB destination. Oriole paid $550 for freight charges. The cost of the merchandise sold was $382,700. 2. On December 8, Cheyenne Co. was granted an allowance of $26,600 for merchandise purchased on December 3. 3. On December 13, Oriole Company received the balance due from Cheyenne Co. Assume that Oriole Company received the balance due from Cheyenne Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit
The following information is provided. Sales revenue HK$112,000 Gain on sale of plant assets 33,600 Selling and administrative expenses 11,200 Cost of goods sold 61,600 Interest expense 5,600 Income tax rate 20 % Determine (a) Income from operations HK$enter a hong kong dollar amount (b) Income before income tax HK$enter a hong kong dollar amount (c) Net income HK$enter a hong kong dollar amount
ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90:50% in the month of sale 35% in the first month following the sale15% in the second month following the saleiii) Accounts Payable are settled as follows, in accordance with the credit terms – 4/30, n60:70% in the month in which the inventory is purchased 30% in the following monthiv) Computer equipment, which is estimated to cost $350,000, will be acquired in August. The manager has planned with the supplier to make a cash deposit of 50% of the amount upon signing of the agreement in August, with the balance to be settled in four equal monthlyinstalments, starting in September 2022.v) A treasury bond purchased by the company with a face value of $560,000 is expected to mature on July 20, 2022. To meet the financial obligations of the business the management team has decided to…
1.On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. RoadTime's December 31, 20X1, Trial balance in SFr is as follows: Additional Information The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 payable to RoadTime. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in the year of acquisition. The equipment was acquired on March 1. The dividends were declared and paid on November 1. Exchange rates were as follows: The Swiss franc is the functional currency. anuary 1 1SFr=$.73 March 1 1SFr=$.74 November 1 1SFr=$.77 December 31 1SFr=$.80 20X1 Average…
The following are the transactions of a joint operation formed by A, B and C during a year: A contributed cash of P400 and merchandise costing P800. B contributed merchandise costing P1,600. Freight-in paid by B is P80. C made purchases amounting to P400 using the cash contributed by A. C paid expenses of P800 using its own cash. C made total sales of P3,200. All the merchandise was sold except one-half of those contributed by B. C is appointed as the manager of the joint operation. As compensation, C is entitled to a P120 salary plus bonus of 25% on profit after salary and bonus. Interest of 10% per annum is allowed to A and B's capital contributions. C is charged for the cost of any unsold inventory. Profit or loss after necessary adjustments shall be divided equally. How much is the profit or loss after salaries but before bonus of the joint operation?
The following are the transactions of a joint operation formed by A, B and C during a year: A contributed cash of P400 and merchandise costing P800. B contributed merchandise costing P1,600. Freight-in paid by B is P80. C made purchases amounting to P400 using the cash contributed by A. C paid expenses of P800 using its own cash. C made total sales of P3,200. All the merchandise was sold except one-half of those contributed by B. C is appointed as the manager of the joint operation. As cornpensation, C is entitled to a P120 salary plus bonus of 25% on profit after salary and bonus. Interest of 10% per annum is allowed to A and B's capital contributions. C is charged for the cost of any unsold inventory. Profit or loss after necessary adjustments shall be divided equally. How much is the profit or loss after salaries but before bonus of the joint operation?