On January 2, 2021, Sinovac Co. sold merchandise to Astra, Inc. for P1,200,000. The cost of items to Sinovac was P900,000. A 20% down payment was made and the balance in 5 annual installments of P192,000 plus 10% interest. Astra made the 1st principal and interest payment on December 31, 2021. Selling Expenses related with the installment sale is P50,000. How much is the net income related with the sale on installment in 2021?

Q: PROBLE On January 2, 2021, Apple Co. sold merchandise to Mango, Inc. for P1,500,000. The cost of…

A: Lets understand the basics. Installment sales is a sales in which seller allows buyer to pay amount…

Q: On August, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of…

A: Consignment: When items are sent on consignment, the individual or firm who owns them pays for them…

Q: On January 1, 2018, Apple Company sold delivery equipment costing P1,000,000 with accumulated…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: On April 1, 2021, JPG Company sold for P84,000 a stereo which paid had a cost of P54,600. A down…

A: Sales value = P84,000 Cost = P54,600 Down payment = P9,000 Additional payment = P7,500 × 4 months…

Q: On January 2, 2021, Integrity Co. sold merchandise to Honesty, Inc. for P2,500,000. The cost of…

A: The installment sales method recognizes revenue and income proportionately as cash is collected. The…

Q: On January 2, 2021, Capcom Co. sold merchandise to , Nintendo Inc. for P1,200,000. The cost of items…

A: The question is related to sale of goods on installment. In the given question the goods were sold…

Q: On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a…

A: Present value:   The value of today’s amount to be paid or received in the future at a compound…

Q: January 2, 2021, Apple Co. sold merchandise to Mango, Inc. for P1,500,000. The cost of items to…

A: In installment sale, revenue is recognise at the time of cash collection not at the time of sale.…

Q: On December 28, 2018, Tristar Communications sold 10 units of its new satellite uplink system to…

A: Cash discount: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: A three-year note of P200,000 with contract rate of 10% received from Dilaw Corporation dated…

A: Interest income is the amount which is received for lending money and is calculated on the face…

Q: ugust, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of P15,000.…

A: Net Income: Net income is the excess amount of revenue that arises after deducting all the expenses…

Q: y 2, 2022, Toyota sold a car to Irish for P1,050,000. On this date, the car cost P735,000. Irish…

A: The the car are sold on the installment than the present value of these installments would be the…

Q: On January 2, 2009, Colt Co. sc cost P600,000 for P800,000, re- note bearing interest at 10%. Th

A: Under the cost recovery method profit will be recognise only when the full cost of good sold is…

Q: On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge of…

A: This question deals with the concept of consignment and consignee. In consignment business there are…

Q: ABC Company sold 10 units of goods with a total list price of P30,000 on Jan. 1, 2019. Given that…

A: List price = P 30,000 Trade discount = 5% Cash discount = 10% Discount period = 10 Days Period…

Q: On July 1, 2019, GAH Company sold equipment to Babe Company for P2,000,000. GAH accepted a 10% note…

A: Net Proceeds = Value of note receivable less discount  Discount = ( Value of note ) * Discount rate…

Q: On January 1, 2020, Savage Company sold goods to another entity. The buyer signed a…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: On January 2, 2020, a public company sells machinery for $620,000. The in-store list price on the…

A: Notes receivable = Sale price of machinery - cash received = 620000 - 104000 = $516,000

Q: A company sold 8,000 units of its signature product for the calendar year ended December 31, 2020.…

A: The provision for warranty is created to record the estimated warranty Expenses for the period. The…

Q: On January 2, 2020, Adani Inc. sells goods to Geo Company in exchange for a zero-interest-bearing…

A: Note receivable refers to the promise to receive amount of money on some day in future. It shows the…

Q: On December 1, 20x5, Money Co. gave Home Co. a P200,000, 11% loan. Money paid proceeds of P194,000…

A: Notes payable is a written agreement in which one party agrees to pay the other party a specific…

Q: Harmony Corp. received the following promissory notes from various customers during 2020 in the…

A: Introduction:- Calculation of the total interest income to be recorded by Harmony Corp. during 2020…

Q: On January 2, 2021, Apple Co. sold merchandise to Mango, Inc. for P1,500,000. The cost of items to…

A: Under the installment sales the method the sales, its revenue and the expenses related to this sale…

Q: Bahag-Hari company provided you the following sales transactions as of December 31,2021: ·…

A: Note receivable is a form of current asset for the business, on which regular interest payment will…

Q: On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge c…

A: Given, Purchase price is P15,000 Selling price is P30,000 Commission is 20% on sale price Freight…

Q: On November 1, 20x1, Auto Motors, which maintains a perpetual inventory records sold a new…

A: The perpetual inventory method seems to be an inventory management approach that uses an inventory…

Q: Here is the following revenue recognition situation.a. Wage Inc. sells goods to Rajab Corp for…

A: Revenue from sale is recognized when the following conditions are met: Seller has transferred the…

Q: On December 28, 2021, Tristar Communications sold 10 units of its new satellite uplink system to…

A: 1/10, n/30 means, company will given the discount of 1% if the customer will paid the amount within…

Q: On January 1, 2021, AST Company sold an inventory costing P110,000 for P150,000. A 10% down payment…

A: Present value of instalments = semi-annually instalments x PVIAF (6%x 4) = P33,750 x 3.465 =…

Q: On January 1, 2012, Horizon Group sold property carried in inventory at a cost of P1,470,000 for…

A: installment method  is method of revenue recognition in which gross profit is deffered until the…

Q: For the next two items: A company sold a factory on January 1, 2016 for P7,000,000. The entity…

A: When a factory is sold the payment can be received outrightly or over a period of when credit is…

Q: On January 2, 2009, Easy Pay Co. sold a plant to Menchie Co. for P1,500,000. On that date, the…

A: Sales Price of Plant=P1,500,000 Cost or carrying value=P1,000,000 Gross Profit=P500,000 Sales…

Q: On January 1, 2021, Whitney Company sold the following merchandise inventory: Buyer Mode of payment…

A: Note Receivable: It is a written Promise The promise is for receiving  a specific amount of cash on…

Q: On January 1, 2021, AST Company sold an inventory costing P110,000 for P150,000. A 10% down payment…

A: P33750 paid on 4 equal installments on semi annual basis. Market rate of interest is 6% (12%/2)…

Q: January 1, 2021, Hopper Company sold merchandise costing P150,000 to Eleven , who issued a…

A: Sale price = P250000 merchandise costing P150,000  Gross profit is P100000 Gross profit ratio=…

Q: Williams Inc owes $45,000 to Smith & Sons for inventory acquired with terms of 3/15 net 30. How much…

A: Discount is a term used for the benefit allowed by a seller to the buyer for purchasing huge…

Q: On January 1, 2020, Caribou Explorations Limited (CEL) sold inventory costing $32,000 and, in…

A: Journal entry A journal entry is a record of the business transactions within the accounting books…

Q: The Receivables account of Jennie Co. shows an amortized cost of $1,950,000 on December 31, 2019.…

A: Receivables:- These are the current assets for the company and receive within 1 year, it includes…

Q: On January 1, 2021, SPX Company sold an inventory costing P110,000 for P150,000. A 10% down payment…

A: Instalment Sale: Revenue and expenses are recognized at the time of cash exchange in instalment…

Q: during november 2020 marvin's pre owned vechiles lts sells high end car for 120,000. the cost of the…

A: Net income is the difference between total revenues generated and total expense incurred during the…

Q: On January 1, 2021, Jin Company sold equipment at a cost of P400,000.          The consideration is…

A: The present value is the amount of the money received at time 0 or the current period.

Q: n December 31, 2021, Park Company sold used equipment with carrying amount of 2,000,000 in exchange…

A: Solution Given Annual payment 500000 Number of years 10 years Note issue date…

Q: ABC Company sold 10 units of goods with a unit list price of P2,000 on January 1, 2020. Given that…

A: The period given to avail cash discount is 10 days.  Thus 10 days is expired on January 10th. Thus…

Q: On December 31, 2021, MATARLO Company received two P1,000,000 notes receivable from customers in…

A: Interest rate = 3% Notes receivables = P 1000000 Interest = receivable at maturity  Terms = 9 months…

Q: Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000…

A: Introduction:- Earned money that is subject to federal or state taxation is referred to as taxable…

Q: On August, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of…

A: Consignment accounting refers to the accounting for goods sent to the consignee and other…

Q: On December 1, 2021, Nicole Company gave Dawn Company a P2,000,000, 12% loan. Nicole Company paid…

A: The following calculations are done for Nicole Company.

Q: On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment…

A: Sales revenue: The amount earned by selling goods or services is known as sales revenue. This is the…

Q: On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment…

A: The sales revenue for which the payment will be made in installments is calculated by discounting…

Q: EFG Corporation sold 10,500 dishwashers for P1,100 each during 2020. The dishwashers are under…

A: Warranty is a guarantee from the company that the product will be repaired or replaced. The working…