Ina Corp. sold equipment costing P1,200,000 for P2,500,000. Old equipment was accepted as down payment with trade –in value of P600,000. Total collections for the year was P1,500,000, it was also ascertained that the trade in resulted in over-allowance of P100,000. How much is the realized gross profit for the year just ended?
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Ina Corp. sold equipment costing P1,200,000 for P2,500,000. Old equipment was accepted as down payment with trade –in value of P600,000. Total collections for the year was P1,500,000, it was also ascertained that the trade in resulted in over-allowance of P100,000.
How much is the realized gross profit for the year just ended?
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- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.National Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise purchased during the year at a total cost of P150,000. Although the firm paid in full for the merchandise during the year, it only collected 10,000 at year end from the customer. The net profit and cash flow from this sale for the year are A. P50,000 and P250,000, respectively. B. P50,000 and -P150,000, respectively. C. P250,000 and -P20,000, respectively. D. 50,000 and -P140,000, respectively.Sword Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise purchased during the year at a total cost of P150,000. Although the firm paid in full for the merchandise during the year, it only collected 10,000 at year end from the customer. The net profit and cash flow from this sale for the year are? A. P50,000 and -P140,000 respectively B. P50,000 and -P150,000 respectively C. P50,000 and P250,000 respectively D. P250, 000 and -P20,000 respectively
- In 2009, a merchandise was sold on installment basis by MB Company for P160,000 at a gross profit of 25% on cost. During the year, a total of P85,000, including interest of P25,000 was collected on this contract. In 2011, no collection was made on this sale, and the selling price of the merchandise is P70,000 after reconditioning cost of P8,000 and a 15% gross profit was usual from sale of used merchandise. What is the gain (loss) on repossession?In 2009, a merchandise was sold on installment basis by MB Company for P80,000 at a gross profit of 25% on cost. During the year, a total of P42,500, including interest of P12,500 was collected on this contract. In 2011, no collection was made on this sale, and the selling price of the merchandise is P34,000 after reconditioning cost of P4,000 and a 15% gross profit was usual from sale of used merchandise. What is the gain (loss) on repossession? a. (P 10,000) b. (P 14,000) c. P 10,000 d. (P 20,000)On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200 worth of supplies. Because of some defects, theyreturned P300 to the suppliers. At year end, the supplies amounted to P1,800.What is the amount of supplies expense?
- Newmarket's revenue as shown in its draft statement of profit or loss for the year ended 31 December 20X9 is $27 million. This includes $8 million for a consignment of goods sold on 31 December 20X9 on which Newmarket will incur ongoing service and support costs for two years after the sale. The supply of the goods and the provision of service and support are separate performance obligations under the terms of IFRS 15 Revenue from contracts with customers. The cost of providing service and support is estimated at $800,000 per annum. Newmarket applies a 30% mark-up to all service costs. At what amount should revenue be shown in the statement of profit or loss of Newmarket for the year ended 31 December 20X9? (Ignore the time value of money.)Shipments received from home office are billed at 120% of cost. During the year, the branch received shipments billed at P360,000, and returned damaged goods with billed price of P24,000. The branch has an ending inventory of P72,000. The branch reported a loss of P10,000. How much is the true branch income?MN Plc's revenue as shown in its draft statement of profit or loss for the year ended 31 December 20X9 is GHS27m. This includes: (i) GHS8m for a consignment of goods sold on 31 December 20X9 on which MN Plc will incur ongoing service and support costs for two years after the sale. The cost of providing service and support is estimated at GHS800,000 per annum. MN Plc applies a 30% mark-up to all service costs. (ii) GHS4m collected on behalf of Aintree. MN Plc acts as an agent for Aintree and receives a 10% commission on all sales. At what amount should revenue be shown in the statement of profit or loss of MN Plc for the year ended 31 December 20X9? (Ignore the time value of money.) A. GHS22,920,000 B. GHS21,800,000 C. GHS20,520,000 D. GHS21,320,000
- Lowell Corporation's results for the year ended December 31, 2021, include the following material items: Sales revenue $ 8,400,000 Cost of goods sold 6,000,000 Selling and administrative expenses 1,300,000 Loss on sale of investments 200,000 Loss on discontinued operations 500,000 Loss on impairment from continuing operations 80,000 Lowell Corporation's income from continuing operations before income taxes for 2021 is: A) $900,000. B) $880,000. C) $320,000 D) $820,000.Swish Ltd has the following results for the year ended 31 March 2020. £ Net loss per Accounts (Note (1)) (116,500) Interest receivable 3,500 Chargeable gain 44,500 Notes (1) Net loss is after charging: £ Depreciation 10,800 Entertaining customers 1,200 (2) All other expenses are allowable for corporation tax. (3) The written down value of plant and machinery on the main pool at 1 April 2019 was £20,000. There were no purchases or sales during the year ended 31 March 2020. (4) Swish Ltd has…Oak Ltd has operating profit for the year ended 30 June 2021 of £20,900, after charging depreciation of £2,500, exceptional expenses of £5,000 and making a profit on the disposal of a machine of £2,000. The balance sheet shows the following changes over the year:Trade receivables: increase by £2,500Inventories: increase by £2,700Trade payables: decrease by £3,000What is the net cash from operating activities?a) £25,900b) £13,200c) £28,400d) £18,700