rief Exercise 9-2 ndan Company incurs these expenditures in purchasing a truck: cash price $27,170, accident insurance (during use) $2,310, sales taxes $1,270, motor vehicle license $460. painting and lettering $2,170. at a the cost of the truck? ast of the truck 2$. if you would like to Show Work for this question: Open Show Work
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- Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Aug. 3 Shipping charges Aug. 7 Purchase with cash Aug. 12 PaymentPLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. 8. Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 30 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $5 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 22 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $3.50 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Merchandise Inventory Merchandise Inventory Accounts Payable Accounts Payable Aug. 3 Shipping charges Merchandise Inventory Merchandise Inventory Cash Cash Aug. 7 Purchase with cash Merchandise Inventory Merchandise Inventory Cash Cash Aug. 12…
- (5) The company "Z" displays in its accounting records the following costs for the goods purchased to reach safely its warehouses: Invoice value of goods 150.000€, discounts given on the invoice value of the purchase of 11.000 €, transport paid for the transport of goods from the warehouse of the supplier to the premises of the buyer 2.500 €, insurance premiums of goods 3.150 € were paid, packing costs for the transport 8.450 €, fees and customs clearance costs 7.780 €, commissions purchases 4.140 €, administrative expenses 5.550 €, salaries and wages 6.750 €, light-water-phone 3.150€, advertising-promotion costs 3.550€ and financial interest (debit) 1.485€. Requested: To determine the cost of purchase of the quantities purchased.Question 1The Alpha Manufacturing Co. present the following information for the year ended 31st December 2019 Sales: $ 252000 Commission: 2500Sales Returns and Allowances: 2000 Advertising: 4000 Purchases of Raw Material: 96200Depreciation of Sales Office: 2200 Carriage In: 300 Traveling Expense: 1800 Direct Labour: 40000 Bad Debts : 700 Purchases Return: 1200 Salaries: 2000 Indirect Material: 4300Stationery Used: 1125Indirect Labour : 4700Rent of Office: 1500 Rent of Factory: 3500Interest Received: 1110 Factory Taxes: 1150 Interest Paid: 275 Insurance of Factory Building: 1500Depreciation of Plant and Machinery: 3425 Heat, Light and Power: 2225INVENTORIES January 1 Dec. 31Finished Goods …………………….. $ 17600 $15300Work in Progress ……………………. 16100 13900Materials ……………………………… 9000 15300 Required:Cost of goods sold StatementIncome Statement.Illustration: You opened a novelty store called "The Awesome Shop" on January 1, 20x1. The following were the transactions during the year: Provided P100,000 cash as initial investment. Obtained a P50,000 loan .. Acquired furniture and fixtures for P80,000 cash. Acquired inventory on account for P60,000. (Use perpetual inventory system) Sold goods on cash basis for P200,000. The cost of sales is ?20,000. Sold goods on account for P300,000. The cost of sales is ?30,000. Paid supplies expense for P20,000 cash. Paid rent expense of P180,000. Paid utilities expense of P40,000. Collected P240,000 accounts receivable. Paid P30,000 accounts payable. Made total drawings of P25,000.
- Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 171 Mr. Polo invested P 800,000 cash and Office Equipment - P250,000 into the business to buy and sell various merchandise. 3 Purchased on account merchandise, P250,000 terms 2/10, n/30 FOB Shipping point. 4 Purchased Office supplies on account P2,500, 2/10, n/30 5 Sold for cash P 600,000 6 Returned P5,000 worth of defective merchandise purchased on Jan 3 10 Sold on account, P320,000 to customers with credit terms: 2/10, n/30 FOB Destination. 10 Paid the freight charges on transaction made on Jan. 3, P1, 500 11 Paid in 50% the purchases made on Jan. 3. No discount was allowed. 12 Made additional purchases for cash, P 150,000. 14 Borrowed from the bank P 550,000 and issued a promissory note 15 Purchased computer equipment P 65,000 on account terms 2/10, n/30 15 Paid salaries to employees - P 3,500 16 Refunded P 5,000 to customers 17 Sold merchandise for P 650,000 FOB Destination. 20 Paid the freight charges on Jan 10- P1, 000 and 12 - P1, 500 20 Collected from customers on account on Jan…Answers are given. Only need solution for the answers. 16. Listed below are selected transactions of Lychee’s Department Store for the current year endingDecember 31.1. On December 5, the store received P4,500 from the Fruit Players as a deposit to be returnedafter certain furniture to be used in stage production was returned on January 15 the followingyear.2. During December, cash sales totaled P798,000, which includes the 12% VAT that must beremitted to the BIR by the 5th day of the following month.3. The store determined it will cost P100,000 to restore the area surrounding one of its buildingwhen the store is closed in 4 years. The present value of restoration is P64,000.4. As a result of uninsured accidents during the year, personal injury suits for P350,000 andP60,000 have been filed against the company. It is the judgment of Lychee’s legal counsel thatan unfavorable outcome is unlikely in the P60,000 case but that an unfavorable verdictapproximating P250,000 (reliably estimated)…
- 36.On Dec 31, 20X1 ABC Corp sold goods at P250,000 on account. The shipping costs was P20,000. The terms of the sale are FOB destination, freight collect. The buyer received the goods on Jan 5, 20X2 and settled the account. How much cash was received from the buyer? 210,000 230,000 250,000 270,000Bengal Limited manufactures fridges and freezers. The trial balance at 31 December 2021 was as follows: Dr £ Cr £ Revenue 3,564,300 Purchases 1,578,250 Inventory on 31/12/20 120,500 Production expenses 805,230 Administrative expenses 151,530 Distribution expenses 214,250 Wages 500,400 Loan interest 11,000 Equipment at cost 1,100,000 Motor vehicles at cost 256,000 Accumulated depreciation: Office equipment 31/12/20 Motor vehicles 31/12/20 320,000 90,400 Trade receivables 219,500 Allowance for irrecoverable debts 2,500 Discounts allowed/received 3,400 3,780 Trade payables 130,400 Bank 80,770 Share capital 500,000 Retained earnings 129,450 Bank loan (repayable 2030)…3- The company paid 1.180 TL, including 18% VAT, for the transportation and insurance cost of the photocopier it had purchased for 8.000 TL excluding 18% VAT. The amount paid as transportation and insurance cost is recorded in which of the following accounts? a) 253 Plant Machinery and Equipment Hs. B) 760 Marketing Sales and Distribution Expenses Hs. NS) 255 Fixtures Hs. D) 770 General Administrative Expenses Hs. TO) 251 Current Investments Hs.