On December 20, 2020, Guijo Company purchased goods with a list price of P810,000 from a supplier. The term of the purchase was 10, 3/10, 1/20, n/30. The account was fully paid on January 4, 2021.   If Guijo used the net method in recording its purchases, how much is the net peso effect of the purchase on the 2020 Statement of Comprehensive Income?

Q: IJUN Company sells five kinds of products and reports its inveory at Lower of Cost and Net…

A: Answer:-  In the lower of cost and net realizable value which can be treated in the inventory price…

Q: On June 30, 2021, Casio Sony Company sold a property carried in inventory at a cost of P1,894,200…

A:

Q: On January 2020, Roel Corp. Has the following inventory purchases.                     January…

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

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A: Inventory is values at cost of realizabe value which ever is lower, but the same is understood by…

Q: displayed below.] On July 15, 2021, the Nixon Car Company purchased 2,200 tires from the Harwell…

A: Under periodic inventory procedure, the Merchandise Inventory account is updated periodically after…

Q: The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost…

A: Journal entries- Journal entries refer to the authorised book of a corporation which is used to…

Q: On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane…

A: The cost of goods sold represents the cost value of the inventory that is sold during the period.…

Q: On December 28, 2021, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink…

A: Journal Entry - It is record the business transaction on day to day basis whether it is economic or…

Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 12/31/19…

A: The cost of goods sold refers to the cost of purchase or manufacturing of the goods which have been…

Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…

A: Inventory is one of the important current asset being held by the business. This is reported under…

Q: On January 1, 2018, David, a VAT-registered person reported the following purchases (all…

A: According to Internal Revenue services (IRS) in Philippines which are provided the guidelines for…

Q: The following independent situations relate to inventory accounting. 1.    Kim Co. purchased goods…

A: As you posted multiple questions we are answering only one question that is first question kindly…

Q: Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost…

A: Introduction: If ending balance of inventory is overstated in any period then it will also result in…

Q: Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which…

A: comparative income statements of Kenseth Company for the years 2020 and 2019 :

Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…

A: Purchaes = Ending Account balance + Amount paid - Beginning Account balance = P750,000 + P4,900,000…

Q: Notts Ltd's cost of sales on its statement of profit or loss for the ended 31 December 2020 is…

A: Purchases can be calculated with the help of the cost of sales formula which is as follows Cost of…

Q: products reports Company Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and…

A: As per accounting standard of inventory valuation Inventory should be values at cost of Ner…

Q: Diesel fuel held as inventory at 1 November 2020 was P125,000 and there were invoices awaited for…

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Q: purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping…

A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it…

Q: On January 1, 2019, the merchandise inventory of Gulf, Inc. was $800,000. During 2019 Gulf purchased…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Corporation is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory…

A: Inventory is that the term used to refer to the products that are available for sale and therefore…

Q: Purchase Date Date Sold Cost Jan. 8 Аpr.9 Mar. 31 Diamond ring 24K gold necklace White gold ring…

A: Solution 1: Amount to be paid by MABEL Company = List price (1- trade discount) (1- cash discount) =…

Q: Sunland Company uses the FIFO method for internal reporting purposes and LIFO for external reporting…

A: Cost of goods sold in the 2021 income statement = Cost of goods sold account balance from sales…

Q: During January 2020, Hussain & Co made sales for an amount of OMR 155,000 which made a gross profit…

A: Cost of goods sold = Sales - Gross profit=155,000-40,000=115,000

Q: n July 1, 2021, A Company sold goods to a customer for P540,000 in exchange for a 4-year, 12%…

A: solution given Face value of note 894697.80 Life 4 years Interest rate 12%…

Q: Belpre, Inc. owes $90,000 to William's Drones Co. for inventory acquired with terms of 3/15, n/30.…

A: Formula used: Discount amount = Invoice amount x Discount rate.

Q: DELTA Company reported on December 31,2021 at P7,000,000 based on physical count of goods priced at…

A: Under FOB shipping terms, the buyer becomes the owner as soon as goods are shipped.

Q: ounted to P50. The seller shipped the goods on December 31, 2020. Jep Corp. received the goods on…

A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it…

Q: RM, Inc. uses the gross method in recording for its purchases. However, for the year-end of 2020,…

A: In the gross method the discount received on purchase is shown seperately and…

Q: In 2021, Adonis Industries changed its method of valuing inventory from the average cost method to…

A: Increase/(Decrease) in inventory value = Inventory cost at per FIFO - Current inventory value = $64…

Q: On the December 31, 2020 statement of financial position of Babe Co., the current receivables…

A: Account receivable refers to those which involve the items that are expected to be collected within…

Q: Marine Corporation collected $120,000 during 2020. Of this amount, $2,000 was still unearned as of…

A: Cost of goods sold = Inventory purchases + (Beginning inventory - ending inventory) = $48,000 + 0 =…

Q: Chang Company took a physical inventory at December 31, 2020 and determined that RM3,950,000 of…

A: Solution: Inventory to be reported on Dec 31, 2020 = Physical inventory - Goods on consignment from…

Q: Belpre, Inc. owes $90,000 to William's Drones Co. for inventory acquired with terms of 3/15, n/30.…

A: Given: - Purchase price= $90,000 Purchase Discount= 3%

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A: The question is based on the concept of Financial Accounting.

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Liquidated units = 85,000 - 80,000 = 5,000 units

Q: On December 28, 2021, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink…

A: Date Account Titles and Explanation Debit Credit December 28, 2021 Inventory (10 units x…

Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…

A: The cost of goods sold is determined by adding the purchases to the beginning balance of inventory…

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A: The carrying value of goods sold during a period is called cost of goods sold.

Q: On June 7, 2020, TOTTENHAM Company acquired P3,000,000 inventory, terms 3/10, 2/20, 1/30, n/60. The…

A: As company acquired P3,000,000 on inventory terms 3/10, 2/20, 1/30 , n/60, on June 7, 2020 therefore…

Q: DCI & Co. reported the following 2021 balances: December 31 P1,950,000 P562,500 During the year, the…

A: Purchases = Ending accounts payable + Payments to supplier - Beginning accounts payable Cost of…

Q: On October 1, 2021, Tyeso Company entered in a noncancellable purchase commitment to purchase…

A: a. P375,000 b. P7,275,000 c.  P150,000 (gain) Explanation: See computations below:

Q: Lumen INC. is preparing its 2020 year-end financial statements. Prior to any adjustments, inventory…

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Q: ABC Co. purchased goods with invoice price of P1,000 on account on Dec. 27, 2019. The related…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…

A: Cost of inventory includes Purchase cost, transportation cost of bring the inventory from seller to…

Q: On August 31, 2018, the Silva Company sold merchandise to the Bendix Corporation for $500,000. Terms…

A:

Q: Vangie Company, a merchandising concern entity, has the following transactions during 2020: a.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The accounts payable balance of Durian Inc. at December 31, 2021 was P 590,000 before the year-end…

A: calculation of accounts payable are as follows: