A restaurant which also caters for special events had the following data: Gross receipts from customers P 500,000 50,000 Gross receipts from advanced reservations Client balances evidenced by promissory note 70,000 Total 620,000 What is the Output VAT? a. P 60,000 b. P 66,000 C. P 68,400 d. P 74,400

A restaurant which also caters for special events had the following data: Gross receipts from customers P 500,000 50,000 Gross receipts from advanced reservations Client balances evidenced by promissory note 70,000 Total 620,000 What is the Output VAT? a. P 60,000 b. P 66,000 C. P 68,400 d. P 74,400

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 1CP

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Cebu branch of Nimbus Company submitted the following data for 2021, its first year of operation: Sales 203, 500 Shipments from home office 186, 120 Operating expenses 18, 755 Home Office Current 48. 125 Shipments to the branch are billed at cost. The December 31 inventory of the branch was P25, 245. What is the correct balance on December 31, 2021 of the Branch Current account per home office books?
. Bryan is a retailer whose Trial Balance at 2020 December 31 is given below:DR CR$ $Purchases and Sales 72 000 119 400Returns 750Carriage Inwards 930Wages and Salaries 27 670General Expenses 4 750Cash at Bank 4 210Cash in Hand 150Premises 62 520Fixtures and Fittings 9 000Inventory at 2020 January 01 5 550Accounts Receivable and Payable 7 200 4 850Motor Vehicle at cost 13 150Provision for Depreciation onMotor Vehicle at 2020 January 01 2 630Capital at 2020 January 01 82 500Drawings 3 000---------- ----------210 130 210 130====== ======The following additional information is available:1. Inventory at 2020 December 31 was valued at $5 200.2. General Expenses of $400 paid for the year 2021.3. A debt of $200 is to be written off as bad.4. Provision is to be made for doubtful debts of 5% on Accounts Receivables (after writing offthe Bad Debt of $200) at 2020 December 31.5. Depreciation is to be provided for 2020 as follows:Fixtures and Fittings at 10% using the straight -line method; Motor…
Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars DebitRM CreditRMDelivery van expenses 1,760Lighting and heating:FactoryOffice 7,2201,490Manufacturing wages 72,100General expenses:FactoryOffice 8,1001,940Sales representatives : Commission 11,688Purchase of raw materials 57,210Rent:FactoryOffice 6,1002,700Machinery (Cost : RM40,000) 28,600Office equipment ( RM9,000) 8,200Office salaries 17,740Accounts receivables 34,200Account payables 9,400Bank 16,142Sales 194,800Van (cost RM6,800) 6,200Inventory at 31 December 2020:Raw materialsFinished goods 13,26041,300Drawings 24,200Capital 155,950TOTAL 360,150 360,150 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory at 31 December 2020:a. Raw materials RM14,510b. Finished goods RM44,490ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200iii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rentprepaid RM140 Required: c) Prepare…
baby Company provided the followingdata:Items included in thebodega 4,000,000Items included in the specificallysegregated per sale oncontract 100,000Items in receiving department,returned by customer, in goodcondition 50,000Items ordered and in thereceiving department 400,000Items ordered, invoice receivedbut goods not received. Freightis on account on seller 300,000Items shipped today, invoicemailed, FOB shipping point 250,000Items shipped today, invoicemailed, FOB destination 150,000Items currently being used forwindow display 200,000Items on counter for sale 800,000Items in receiving department,refused because of damage 50,000Items in the shippingDepartment 250,000 How much is the cost of ending inventory?
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $20,000, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,150. 3 Sold merchandise for $10,950 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,100. 4 Sold merchandise on account to Empire Co., $51,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $35,420. 5 Sold merchandise for $27,900 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $18,470. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards, $12,380. The cost of merchandise sold was $9,120. 16 Sold merchandise on account to Targhee Co., $28,500, terms FOB…
A home office ships merchandise to the branch at 30% above cost. The allowance for overvaluation at the beginning of the year was P24,000 and at the end of the year, the balance before adjustment was P264,000, and after the adjustment, the balance is P27,000. The reported net income of the branch was P800,000. How much is the adjusted branch net income? A. 1,037,000 B. 827,000 C. 1,040,000 D. 1,064,000
Elm City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies were received, the accompanying invoice indicated an actual price of $4,950. What amount should Elm debit (credit) to the reserve for encumbrances after the supplies and invoice were received?a. ($50)b. $50c. $4,950d. $5,000
The home office sells merchandise to its branch at 120% of cost. The branch was established several years ago with the policy that all its merchandise would be acquired from the home office. The following information is available from the records of the home office and the branch: Allowance for overvaluation in branch inventory, P103,500; branch beginning inventory, P81,000; branch ending inventory, P135,000. How much is the shipment recorded in the home office book for the current period?
Cebu Branch submitted the following data to its home office in Manila for 2021, its first year of operation: Sales P2,300,000; Shipments from Home Office P1,850,000; Operating expenses P235.000; Home Office Current P480,000. Shipments to the branch are billed at cost. The December 31 inventory of the branch was P255,500. What was the balance of the Investment in Branch account on December 31, 2021 on the home office books?
The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00 . Find the following : a.) Cost of goods sold b) Net profit or net loss
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. how would I journalize this?
The following data was taken from the Metropolitan University, Inc. Income Statement: Cost of good solds $30,000 Purchases returns and allowances 1,500 Sales returns and allowances 3,750 Gross profit 25,000 Selling expenses 9,000 Net income 10,750 Transportation-in 1,250 Purchases 35,000 Ending inventory 8,790 REQUIRE Compute (ignore taxes): a. Sales b. Bengining inventory c. General and administrative expenses