How much is the Realized Gross Profit in 2008?
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- 2. ABC Co.’s records show the following information: 20x1 20x2Deferred gross profit (adjusted ending balances):from 20x1 sale 240,000 160,000from 20x2 sale 324,000Gross profit rates based on sales 40% 45%Cash collections from:20x1 sales 400,000 200,00020x2 sales 480,000 How much is the total installment receivable on December 31, 20x2?TIKTOK Company which began business on January 1, 2020, appropriately uses the installment sales method of accounting, the following data are available for 2020:Installment accounts receivable, 12/31/2020 P200,000Deferred Gross Profit, 12/31/2020 (before recognition 140,000of realized gross profit)Gross Profit on Sales 40%The cash collections and the realized gross profit on installment sales for the year ended December 31, 2020 should be:Cash Collections Realized Gross Profita. P100,000 P80,000b. 100,000 60,000c. 150,000 80,000d. 150,000 60,000Pay Later Co. started operations on January 1, 2010, selling home appliances on the installment basis. For 2010 and 2011, the following information is available: 2010 2011 Installment sales P1,200,000 P1,500,000 Costs of installment sales 720,000 1,050,000 Collections on 2010 sales 630,000 450,000 Collections on 2011 sales - 900,000 On January 6, 2011, an installment sale account balance of 2010 was defaulted and the merchandise, with current market value of P15,000, was repossessed. The account balance was P24,000. The balance of the unrealized gross profit account as at the end of 2011 was: a. P214,800 b. P228,000 c. P218,400 d. P450,000
- 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 recouIA - Receivable Financing 10. Problem Solving. A company pledged its entire accounts receivable amounting to P2,500,000 to a financing institution to a loan approved for P2,000,000. The term of the loan requires the company to pay the principal when it becomes mature 4 years from now and also to pay 12% annual interest every end of the year. Should the company has made no collateral for the loan, interest rate could have been 18%. Assuming the transaction occurred on January 1, 20A, compute the total amount of expense that should be deducted from the current year’s income of the company. Round off final answer to the nearest peso.June 30, 20X1 Titan Corp. licensed an archive financial database to Smart Co. for the next five years. Smart is to pay Titan $10,000 at the beginning of each year. Titan and Smart has an incremental borrowing annual interest rates of 5% and 6% respectively. Determine the amount of revenue to be recognized by Titan in 20X1? $45,460 $5,000 $50,000 $44,651
- Addams, Inc. appropriately used the installment method of accounting to recognize income in its financial statement. Some pertinent data relating to this method of accounting include: 2021 2022 Installment sales $750,000 $900,000 Cost of sales 450,000 630,000 Gross profit $300,000 $270,000 Collections during year: On 2021 sales 200,000 200,000 On 2022 sales 240,000 What amount of deferred gross profit should be reported on Addams’ income statement for 2021? a. $80,000 b. $100,000 c. $220,000 d. $300,000 What amount of realized gross profit should be reported on Addams’ income statement for 2022? a. $132,000 b. $152,000 c. $176,000 d. $216,000Find out the amount of bills matured during the year on the basis ofinformation given below ;Bills payable dishonoured........................ 37,000Closing balance of Bills payable................ 85,000Opening balance of Bills payable................. 70,000Bills payable accepted....... 90,000Cheque dishonoured........ 23,000Intermediate Accounting 2 2021 edition by Millan PROBLEM 4: MULTIPLE CHOICE - COMPUTATIONAL On March 1, 20X4, Fine Co. borrowed P10,000 and signed a two-year note bearing interest at 12% per annum compounded annually. Interest is payable in full at maturity on February 28, 20X6. What amount should Fine report as a liability for accrued interest at December 31, 20X5? 0 b. 1,000 c. 1,320 d. 2,320 (AICPA) On January 1, 20x1, Sunset Co. issues a P5,000,000 noninterest bearing note due on December 31, 20x4. The effective interest rate is 15%. How much is the unamortized balance of the discount on notes payable account on January 1, 20x3? 652,174 b. 1,219,282 c. 1,712,419 d. 2,141,234 The next two items are based on the following information: House Publishers offered a contest in which the winner would receive P1,000,000, payable over 20 years. On December 31, 2000, House announced the winner of the contest and signed a note payable to the winner for P1,000,000,…
- Bonanzaa Limited held on 1st April, 2014 $ 2,00,000 of 9% Government Loan (2019) at $ 1,90,000. (Face Value of Loan $ 100 each). Three months’ interest had accrued on the above date. On 31st May, 2014 the company purchased the same Government Loan of the face value of $ 80,000 at $ 95 (net) cum-interest. On 1st June, 2014, $ 60,000 face value of the loan was sold at $ 94 (net) ex-Interest on the loan was paid each year on 30th June and 31st December and was credited by the bank on the same date. On 30th November, 2014 $ 40,000 face value of Loan was sold at $ 97 (net) cum-interest. On 1st December, 2014 the company purchased the same loan $ 10,000 at par ex-interest. On 1st March, 2015 the company sold $ 10,000 face value of the loan at $ 95 ex-interest. The market price of the loan on 31st March, 2015 was $ 96. Draw up 9% Government Loan (2014) Account in the books of Bonanzaa Limited. First in first out method shall be followed and the balance of the loan held by the company shall be…MAGIGING CPA AKO Co. uses the installment method. MAGIGING CPA AKO Co.'s records show the following balances: Installment Receivables - Jan. 1, 2020 0 Installment Sales 1,000,000 Cost of Sales 800,000 Installment Receivables - Dec. 31, 2020 600,000 How much is the realized gross profit for the year 2020? How much is the deferred gross profit on December 31,2020?HC uses installment sales method in revenue recognition. The following information is provided in the records of Hale: 20X1 20X2 20X3 Sales P1,500,000 P1,250,000 P2,350,000 Cost of Sales 900,000 780,000 1,057,500 Cash Collections From 20x1 Sales 50,000 70,000 670,000 From 20x2 Sales 230,000 365,000 From 20x3 Sales 124,000 4. Total realized gross profit in 20x2s 5. Adjusted deferred gross profit balance in 20X3 6. Total realized gross profit in 20x3 7. Installment receivable balance as of 20x3