Q7. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.
Q: ALS & Co. sold goods with an invoice price of P5,700,000 on January 1, 2021. Trade discounts were…
A: Solution 1: Total trade discount = (P5,700,000*25%) + (P5,700,000*75%*5%) = P1,425,000 + P213,750 =…
Q: A firm uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Sales discount = Sales x discount rate = $45,000 x 4% = $1,800
Q: Peter's credit card statement for October showed these items: 10/1, previous balance, PI,080.15;…
A: answer with calculation are as follows:
Q: Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021.…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of…
A: Under gross method, the discount is treated at the time of receipt of payment.
Q: n January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang. During the year, Kitkat Inc.…
A: Branch accounting is a bookkeeping approach that keeps separate accounts for each of an…
Q: (d) At 30 June 2002 a company had Klm 8% loan notes in issue, inter yearly on 30 June and 31…
A: Statement of comprehensive income The statement of comprehensive income includes revenue and…
Q: On October 1, Black Company receives a 6% interest-bearing note from Reese Company to settle a…
A: Interest revenue = Accounts receivable * Rate of interest * Month / 12
Q: Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a…
A: As per net method, the payment is made net of the discount amount if the payment is made within 15…
Q: A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16.…
A: Net Sales = Sales - sales return = $750 - $50 = $700
Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…
A: Payment terms with 4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…
Q: On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses…
A: On June 19, Business purchases inventory Cost of purchase of inventory = 220000 TL Including 10% VAT…
Q: From the following particulars of Al Zahra LLC for the year 2019, a. Al Zahra LLC. sold goods to…
A: For preparing the journal entries following calculations are done:- Note 1: Particulars Total…
Q: A credit sale of $3.,500 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted…
A: Formula: Net sales = Sales - sales returns and allowances
Q: Eastman Corporation sells merchandise with a list price of $13,000 on February 1, 2019, with terms…
A: SOLUTION- A JOURNAL IS THE COMPANY'S OFFICIAL BOOK IN WHICH ALL TRANSACTIONS ARE RECORDED IN…
Q: The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31,…
A: Net Sales = Sales - Sales return and allowances - Sales discount = 103400 - 8200 - 1195 = 94005
Q: a) Azza Sdn Bhd has recorded the following transactions in month of May 2020. i) ii) 1/5/2020…
A: Lets understand the basics. Sales day book is a subsidiary account which is prepared for the purpose…
Q: You received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1…
A: Cash discounts: Traders provide a certain discounts to their customers when the invoice payment is…
Q: On January 1, 2020, the ledger of Sheridan Luggage contains the following liability accounts…
A: Answer) Journal Date Account Titles and Explanation Debit Credit Jan'5 Cash…
Q: Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales…
A: gross method of recording sales - the sales transaction is recorded at its gross price without…
Q: Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021.…
A: The question is related to the goos sold om credit. The credit policy os 2/10, net 30. It means that…
Q: The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM)…
A: Trial balance is given with some adjustments. We have to prepare statement of P&L and statement…
Q: Sara Company sold merchandise on credit with a list price of P105,000 and a trade discount of 10%.…
A: Trade discount = list price x trade discount rate = P105,000 x 10% = P10,500 Net sales = list price…
Q: On February 14, 2019, Prime Company sold 50 ain conditioning units. The sale price for each unit is…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Discount=Sale×4%=$45,000×4%=$1,800
Q: A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…
A: Formula: Net sales = Sales - sales returns and allowances
Q: On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms…
A: The account receivables are referred to as the amount that a business has to collect from its…
Q: Prudential Company sold 30 air conditioning units, on January 15, 2020; sale price for each unit is…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: n January 1, 2022, Harvee Company had Accounts Receivable of $54,200 and Allowance for Doubtful…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Citron Mechanical Systems makes all sales on credit, with terms 1/15, n/30. During 2019, the list…
A: Net method: Under the net method, the sales are initially recorded with the net amount i.e., after…
Q: The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit…
A:
Q: Tucker Ltd uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Introduction: Journal: Recording of business transactions in a chronological order. First step in…
Q: On May 1, RVQ Company sold goods for P6,000 on terms of 2/10, 1/15, n/30. Customer made a partial…
A: Introduction: Credit sales: Goods are sold on credit base to the customers called as Credit sales.…
Q: A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…
A: Formula used: Net sales = Sales - Sales returns. Deduction of sales returns from sales value derives…
Q: December 5, 2019, PQR Company sold P500,000 worth of inventories with trade discounts of 10%,…
A: Solution: Amount debited to accounts receivables = MRP of inventories - Trade discount
Q: 6. During 2019, Reed Corporation sold merchandise for a total of $900,000. The cost of merchandise…
A: A sales discount represents a reduction, not in the selling price of the product or service, but in…
Q: On 5 December 2020, Salalah Trading company sold goods to a customer on account for 37800 OMR. Which…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: E7-4 Presented below are three independent situations: 1. On March 15, 44 customers used debit cards…
A: Journal entry is the primary step to record transaction in books of account. The amount of debit and…
Q: Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The following is the trial balance for Tatt Trading as at 31 October 2021: DR RM 6,453 18,910 CR RM…
A: GIVEN Inventory at 31 October 2021 amounted to RM55,000. Repairs and maintenance owing RM222,…
Q: On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which…
A: Accounts receivables: Accounts receivables can be defined as the account that hold up the amount due…
Q: The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit…
A: Provision for bad debts=Trade receivable-Bad debts×rate=9,000-200×1%=RM 88
Q: On June 30, 2021, the Esquire Company sold some merchandise to a customer for $30,000. In payment,…
A:
Q: A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…
A: Here terms 2/10, n/30 means 2% discount will be given if payment is made within 10 days. And final…
Q: On June 30, 2021, the Esquire Company sold some merchandise to a customer for $30,000. In payment,…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
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:
Q: Case From the following particulars of Al Zahra LLC for the year 2019, Al Zahra LLC.…
A:
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- GHIST Co. reported a net income of P2,100,000 for 2020. It incurred operating expenses other than interest expense, at 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. Purchases is 120% of the cost of sales and ending inventory is twice the beginning inventory. If the company is subject to 30% income tax, how much is the company's sales for the year? *a. P10,000,000b. P12,000,000c. P15,000,000d. P18,000,000e. answer not givenPresented below is information related to Ivan Calderon Corp. for the year 2020. Net sales $1,300,000 Write-off of inventory due to obsolescence $ 80,000 Cost of goods sold 780,000 Depreciation expense omitted by accident in 2019 55,000 Selling expenses 65,000 Casualty loss 50,000 Administrative expenses 48,000 Cash dividends declared 45,000 Dividend revenue 20,000 Retained earnings at December 31, 2019 980,000 Interest revenue 7,000 Effective tax rate of 20% on all items Instructions a. Prepare a multiple-step income statement for 2020. Assume that 60,000 shares of common stock are outstanding for the entire year. b. Prepare a separate retained earnings statement for 2020.Consider the following worksheet with information extracted from a financial statement:2020 Assets Liabilities EquityReported (P) 400 000 100 000 300 000You identify that a firm has incorrectly recognized revenue on P50 000 worth of goods in the form of receivables. You decide to reverse this sale and the associated inventory which has a value of P40 000. Using the worksheet approach and assuming a corporate tax rate of 30 percent, what would be the adjusted debt to assets ratio?
- A Corporation generated these gross profits during the past recent years when the sales price was 10% lower during 2020 compared to 2019. 2020 Sales P1,944,000; 2020 Cost of Sales P1,152,000; 2019 Sales P1,900,800; 2019 Cost of Sales P1,113,600. The decrease in gross profit due to decrease in selling price must be The change in gross profit due to change in quantity sold must be * P151,896 UF P259,200 F P107,304 UF P107,304 FXYZ Corporation had the following data in 2022 below: Total assets = P300,000Gross profit margin = 25%Quick ratio = 0.80 xBond payable = P60,000Days sales outstanding = 36 daysDebt ratio = 50%Retained earnings = P97,500Times interest earned= 6 xInventory turnover = 5 xTotal assets turnover = 1.5 xNo. of days in a year = 360 days Tax rate = 35%Compute the average merchandise inventory.Presented below is information related to Ivan Calderon Corp. for the year 2025. Net sales $1,300,000 Write-off inventory due to obsolescence $80,000 Cost of goods sold 780,000 Depreciation expense omitted by accident in 2024 55,000 Selling expenses 65,000 Casualty loss 50,000 Administrative expenses 48,000 Cash dividends declared 45,000 Dividend revenue 20,000 Retained earnings at December 31, 2024 980,000 Interest revenue 7,000 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2025. Assume that 60,000 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 149).
- A Corporation generated these gross profits during the past recent years when the sales price was 10% lower during 2020 compared to 2019. 2020 Sales P1,944,000; 2020 Cost of Sales P1,152,000; 2019 Sales P1,900,800; 2019 Cost of Sales P1,113,600. The change in gross profit due to change in cost price must be * P95,232 F P113,495 UF P151,896 UF P151,896 F P113,495 FA Corporation generated these gross profits during the past recent years when the sales price was 10% lower during 2020 compared to 2019. 2020 Sales P1,944,000; 2020 Cost of Sales P1,152,000; 2019 Sales P1,900,800; 2019 Cost of Sales P1,113,600. The decrease in gross profit due to decrease in selling price must be * P216,000 P194,400 P172,800 P189,600Given below are the Statements of Financial Position and the Statement of Profit or Loss for BA107 Trading Bhd: 2020 (RM) Sales 505,000 Cost of sales (105,000) Gross profit 400,000 Expenses (252,000) Profit before tax 148,000 Taxation (40,000) Profit after tax 108,000 2020 2019 (RM) (RM) Property, plant and equipment 355,000 300,000 Trade receivables 80,000 75,000 Inventory 145,000 120,000 Bank balance 24,500 15,000 604,500…
- 1. The following is the income statement of Al Kawther Trading LLC for the year end 2019. Income Statement RO Sales 124670 Less: Cost of Goods Sold Opening inventory 13455 Add: Purchases 71320 Less: Closing inventory -9875 (74900) Gross Profit 49770 Other Income : Dividend received from shares and bonds 6,000 Total Income 55770 Less: Operating Expenses Cost of Computers 2500 Salary & Wages 12400 Customs duty 450 Reserve for Bad debts 1200 Motor expenses 7500 Fire Insurance (for goods) 800 Donation 2000 Municipality taxes 2300 (29150) Net Profit 26620 Additional Information: a) Bad debts of 2018 of RO500 recovered in this year. Such bad debts were deductible expenses in the concerned year and not included in current year profit. b) The accountant overvalued opening inventories by RO245 and undervalued closing inventories by RO160. c) The company owned motor vehicle cost RO15000. In the law the depreciation rate attracted @ 33.33%. In the current year company also paid for repair…Presented below is information related to Sheridan Corp. for the year 2020. Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items SHERIDAN CORP.Income Statement For the Year Ended December 31, 2020 Particulars Amount Amount Net Sales $11,96,000 Cost of Good Sold $7,17,600 Gross Profit $4,78,400 Operating Expenses Selling Expenses $59,800 Administrative Expenses $44,160 Total Operating Expenses $1,03,960 Income from Operations $3,74,440 Other Revenues and Gains Dividend Revenue $18,400 Interest $6,440 $24,840…Presented below is information related to Sheridan Corp. for the year 2020. Net sales $1,196,000 Write-off of inventory due to obsolescence $73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 69,920 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)