data in the first quarter of 2018: Accounts receivable, beginning Accounts receivable, ending Trade payable-purchases, beg Trade payable-purchases, end Cash Purchases at list price 12,500.00 8,000.00 4,000.00 6,500.00 40,000.00 (Trade discounts given: 10%;20%) Purchase discount not taken from Cash Purchases 1,000.00 36,300.00 9,500.00 Payments to Trade Suppliers Beginning Inventory Inventory decreased by- Operating expenses paid 2,800.00 18,700.00 Gross Profit rate is 30% based on cost What is the percentage tax due? 9. Based on number 8, ASSUMING that SAN JOSE is a service provider, what will be percentage tax due?

data in the first quarter of 2018: Accounts receivable, beginning Accounts receivable, ending Trade payable-purchases, beg Trade payable-purchases, end Cash Purchases at list price 12,500.00 8,000.00 4,000.00 6,500.00 40,000.00 (Trade discounts given: 10%;20%) Purchase discount not taken from Cash Purchases 1,000.00 36,300.00 9,500.00 Payments to Trade Suppliers Beginning Inventory Inventory decreased by- Operating expenses paid 2,800.00 18,700.00 Gross Profit rate is 30% based on cost What is the percentage tax due? 9. Based on number 8, ASSUMING that SAN JOSE is a service provider, what will be percentage tax due?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: In addition, the following price indexes are available: Required: Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places.
Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
40.On January 1, 2021, BNY Company had Accounts Receivable and Allowance for Uncollectible Accounts of P4,650,000 and P120,000, respectively. Sales (all on credit) during 2020 amounted to P15,000,000. Accounts of P75,000 were written off during the year. Analysis of BNY Company's accounts receivable at December 31, 2021 revealed the following:Age Amount Est. uncollectible0-60 da P3,250,000 1%61-120 da 2,200,000 3%Over 120 da 800,000 10%There are no other transactions affecting accounts receivable. How much is the carrying amount/amortized cost of accounts receivable at December 31, 2021?
1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191 Deductible VAT = 10.000 TL Debt Remaining 391 Calculated VAT = 8.000 TL Credit Remainder Record the journal (daily book) regarding VAT offset.
1. On December 31, 2020, the accounts receivable control account of nana Company had a balance of P8,200,000. An analysis of the accounts receivable account showed the following:Subscription receivable due in 30 days 2,200,000Advance payments to creditors on purchase orders 400,000Advances to affiliated companies 1,000,000Interest receivable on bonds 400,000Trade accounts receivable – unassigned 2,000,000Customers’ accounts reporting credit balances arising from sales returns ( 600,000)Trade accounts receivable – assigned (Finance Company’s equity inassigned accounts is P500,000) 1,500,000Trade installments receivable due 1-18 months, including unearnedfinance charge of P50,000 850,000Trade accounts receivable from officers, due currently 150,000Trade accounts on which post-dated checks are held (no entries were made on receipt of checks) 200,000Accounts known to be worthless 100,000Total 8,200,000The correct balance of trade accounts receivable on December 31, 2020 is_________.
7. Debbie Company reported collections from customers of P6,000,000 for the year ended December 31, 2020. Additional information follows: 12/31/2019 12/31/2020 Accounts receivable P1,000,000 P3,000,000 Allowance for doubtful accounts ( 100,000) (150,000) Debbie wrote off uncollectible accounts totaling P500,000 during 2020. Under accrual basis, Debbie would report 2020 sales of Group of answer choices P4,500,000 P8,000,000 P8,550,000 P8,500,000
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
Required: Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method:Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 Journal Entries Date Particulars Debit($) Credit($) 10.1.20 Accounts Receivable 11000 To sales 11000 15.5.20 Allowance for uncollectible accounts(2500+400) 2900 To accounts receivable 2900 4.8.20 Cash(70% of 11000) 7700 Allowance for uncollectible accounts(30% of $11000) 3300 To Accounts Receivable 1100 26.10.20 Accounts Receivable(30% of $400) 120 To allowance for uncollectible accounts 120 26.10.20 Cash 120 To accounts receivable 120…
Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following:Customer nameTotal outstandingCredit limit0-30days31-60days61-90daysOver 90 days£ £ £ £ £ £A Ames 16 200 15 000 2 000 8 700 2 500 3 000B Bristow 18 300 25 000 18 300C Chen 4 700 4 800 2 000 2 700TOTAL 39 200 - 20 300 10 700 5 200 3 000Notes:• The company offers 30 days credit to its customers.• The credit is offered to the customers based on words of mouth• Ames is disputing the quality of some of the goods and refusing to pay, no decision hasbeen made yet (£3,000 over 90 days)• Chen has just put in an order for £5,000, he is a good friend of the directorRequired:What are the key points arising from the credit controller's review in respect of each trade receivable balance and what suggestions can be made to improve the aged analysis report
10- SK Inc, factors $400,000 of accounts receivable with Mars Finance Company on a without recourse basis on July 1,2020. The receivables records are transferred to Mars Finance, which will receive the collections. Mars Finance assesses a finance charge of 1 ½% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.Instructions:a) Prepare the journal entry on July1,2020, for SK Inc. to record the sale of receivables without recourse.b) Prepare the journal entry on July1,2020, for Mars Finance Company. to record the purchase of receivables without recou