Inventory, 1/1/20 P210,000 Inventory, 12/31/20 312,000 Purchases of goods for sale 5,000,000 Purchases of building for use 2,300,000 Purchases of equipment for use 350,000 Purchases of office supplies 45,000 Freight In related to goods for sale 750,000 Freight In related to equipment for use 65,000 Freight out 289,000 Sales returns of goods for sale 150,000 Purchase returns of goods for sale 300,000

Inventory, 1/1/20 P210,000 Inventory, 12/31/20 312,000 Purchases of goods for sale 5,000,000 Purchases of building for use 2,300,000 Purchases of equipment for use 350,000 Purchases of office supplies 45,000 Freight In related to goods for sale 750,000 Freight In related to equipment for use 65,000 Freight out 289,000 Sales returns of goods for sale 150,000 Purchase returns of goods for sale 300,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold $81,000 $111,000 $ (a) $ (b) $121,000 $50,000 $ (c) $115,000 $34,000 $ (d) $ (e) $101,000 $161,000
44 On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000. Some of the costs incurred in connection with the acquisition of the goods were as follows: Import duties, P160,000; transportation costs, P80,000; and handling costs, P40,000. These goods were received on December 31, 2022. In Pancit’s December 31, 2022 balance sheet, at what amount should these goods be included in inventory?
Mustard Seed PLC adheres to IFRS. It recently purchased inventory for €100 million andspent €5 million for storage prior to selling the goods. Th e amount it charged to inventoryexpense (€ millions) was closest to:A. €95.B. €100.C. €105.
15.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000. At what amount should ABC recognize as cost of the inventory under the net method? 91,807 93,807 93,650 95,650
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.
Part B The company completed the following transactions during 2020.• Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements:1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of creditsales are…
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be…
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) this part was completed and is provided in the image belowhelp needed for questions below Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.
22.Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1:a. Goods sold on installment basis, P100,000 b. Goods in transit sold at FOB shipping point, P120,000c. Freight charges on goods purchased, P50,000d. Freight charges on goods sold, P46,000e. Raw materials purchased, P60,000f. Goods in transit purchased at FOB shipping point, P34,000g. Raw materials placed in the production, P45,000h. Unsold finished goods in the warehouse and store, P80,000 How much cost of goods would be usually reported as inventory?489,000369,000269,000186,000
resented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on installment basis, P100,000 b. Goods in transit sold at FOB shipping point, P120,000 c. Freight charges on goods purchased, P50,000 d. Freight charges on goods sold, P46,000 e. Raw materials purchased, P60,000 f. Goods in transit purchased at FOB shipping point, P34,000 g. Raw materials placed in the production, P45,000 h. Unsold finished goods in the warehouse and store, P80,000 How much cost of goods would be usually reported as inventory?
Glen Company provided the following for the current year: Warehouse Inventory on Consignment Beg Inventory 1,100,000.00 120,000.00 Purchases 4,800,000.00 600,000.00 Freight In 100,000.00 Transportation to consignees 50,000.00 Freight out 300,000.00 80,000.00 Ending Inventory 1,450,000.00 200,000.00 What is the cost of goods sold for the current year?
The estimated inventory amount is: P550,000 P600,000 P784,000 P840,000 P720,000