Calculate the net commission and total revenue from the following information: Particulars OMR Particulars OMR Commission on insurance Premium received 24,000 accepted 50,000 Commission on reinsurance Commission on reinsurance ceded 46,000 accepted 24,000 Rent received 26,000 Profit on sale of motor car 5,000

Calculate the net commission and total revenue from the following information: Particulars OMR Particulars OMR Commission on insurance Premium received 24,000 accepted 50,000 Commission on reinsurance Commission on reinsurance ceded 46,000 accepted 24,000 Rent received 26,000 Profit on sale of motor car 5,000

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 13QE

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The following information relates to Samson Engineering as at 30 June 2023: RProfit for the year180 000Drawings50 000Property920 000Long-term borrowings510 000Trade receivables380 000Plant and machinery250 000Trade payables180 000Short-term borrowings260 000Fixtures and fittings90 000Inventories420 000Equity at 1 July 20221 175 000Cash45 000Motor vehicles150 000 RequiredCalculate the following:The total non-current assets The total current assetsThe total assets
The following information pertains to Cherry City’s liability for claims and judgments:Current liability at January 1, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000Claims paid during 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 900,000Current liability at December 31, 2018 . . . . . . . . . . . . . . . . . . . .. . . . . 240,000Noncurrent liability at December 31, 2018 . . . . . . . . . . . . . . . .. . . . . 200,000What amount should Cherry report for 2018 claims and judgment expenditures?a. $1,140,000b. $940,000c. $840,000d. $900,000
Given the following, calculate total current assets. Prepaid insurance=$300Long-term investments=$1,200Cash=$540Prepaid Rent=$2,050Inventory=$640Plant assets, at cost=$16,800Accounts receivable=$5,900Accumulated depreciation=$6,600
The following are the information related to instalment sales made by Bimbo Co.:20X1 20X2Sales P200,000 P320,000Cost of Sales 160,000 224,000Gross profit rate 20% 30%Installment receivable, 20x1 90,000 30,000Installment receivable, 20x2 144,000During 20x2, Bimbo Co. has repossessed a property sold to a defaulted customer in 20x1 for P25,000. Prior to repossession, P5,000 were collected from the buyer. The repossessed property has an estimated resale price of P22,000. Reconditioning costs amount to P3,000. The normal profit margin is 30%.REQUIRED: 4. Compute the gain or loss on repossession ____________5. Compute the total realized gross profit in 20x2 ____________6. Net income recognized in 20x2 ____________
The following information relates to Puregold Price Club Inc. (PPCI) for the year 2022. PPCI has a pricing policy that allows 30% profit on the sales price. Unearned Revenue from Gift Certificates Outstanding, January 01, 2022 - P250,000 Gift certificates sold during the year - P900,000 Gift certificates issued relating to sales promotion during the year - P100,000 Gift certificates redeemed during the year - P900,000 Gift certificates relating to the entity’s promotion that expired during the year - P12,500 Additional outstanding gift certificates expected to expire in 2022 - P6,000 How much is the unearned revenue from gift certificates outstanding at December 31, 2022?
The following information relates to Puregold Price Club Inc. (PPCI) for the year 2022. PPCI has a pricing policy that allows 30% profit on the sales price. Unearned Revenue from Gift Certificates Outstanding, January 01, 2022 - P250,000 Gift certificates sold during the year - P900,000 Gift certificates issued relating to sales promotion during the year - P100,000 Gift certificates redeemed during the year - P900,000 Gift certificates relating to the entity’s promotion that expired during the year - P12,500 Additional outstanding gift certificates expected to expire in 2022 - P6,000 How much is the unearned revenue from gift certificates outstanding at December 31, 2022? a. P331,500 b. P337,500 c. P232,050 d. P236,250
4 Calculate net VAT due to or refundable by SARS given the following information: 2.1 Sales of R10 000 (vat inclusive, purchases of R7 000 (vat inclusive) 2.2 Sales of R10 000 (zero rated), purchases of R7 000 (zero rated) 2.3 Sales of R10 000 (exempt supply), purchases of R7000 (incurred to make exempt supplies
11. In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of discounts and allowances 9,500,000 Cost of sales 5,000,000 Gain on sale of building 150,000 Allowable deductions 4,420,000 Compute the MCIT of ABC Corporation. P46,000 P46,500 P93,000 P95,000
An entity was offering premium as a sales promotion scheme and that during the year it purchased 10,000 premiums for P20 each. Customers need to remit 10 boxes and P5 to redeem one premium. Assume there were no redemptions during the first year of the promotion, which of the following statements would be correct if it uses the revenue approach? a. The entity will report an inventory of premiums at the net cost of P15. Tb. he entity will report an estimated liability equal to the premium expense. c. None of the other choices are correct. Td. he entity will not report any expense since there were no redemption. e. No accounting liability shall be recognized since there were no redemptions.
A government agency had the following items for disbursements:Electricity Expenses                                560,000Telephone Expenses                               134,400Rent Expenses                                        89,600                                    Office Supplies Inventory                        100,800Office Equipment                                   168,000How much is the total amount credited to 1-01-04-040 for the above disbursements?
Use the below information to answer the following questions:     20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30%    A. Create the Balance Sheets for 2020 & 2021.
Use the below information to answer the following questions:     20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30%    A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).