Sally received an invoice dated on 15 February 2020 worth RM4,050 of goods that included a prepaid freight cost of RM50. The invoice was offered trade discounts of 10% and 5% with cash discount terms of 9/15, 4/25, n/45. a) i. State the last date to settle the invoice. ii. Calculate the single equivalent trade discount. ii. Determine the trade discount offered.
Q: Fanning Company makes a product that sells for $30 per unit. The company pays $19 per unit for the v...
A: A margin of safety is an investing principle that states that an investor should only purchase secur...
Q: Froot Loop Inc. a cereal manufacturer, has variable costs of $0.80 per unit of product. In May, the ...
A:
Q: Please see the pictures below. I am completely stumped on this problem and really need help with it....
A: Inventory refers to the stock that the company held for the resale purpose or is not sold by the com...
Q: ABC Corporation's board of directors declared a P750,000 cash dividend on September 1, 2021, payable...
A: Dividend: dividend is the portions of profit given to the shareholders by the company There are main...
Q: What is non-posted interest on statements? Please explain.
A: The answer is stated below:
Q: Partners A, B, C and D are partners of ABC Partnership who shares profits and losses in the ratio of...
A: Calculation of Net Income after deduction of Salary and Bonus Net Income after Salary and Bonus = P ...
Q: income statement based on a sales volume of 1,000 units (the relevant range of production is 500 uni...
A: The operating leverage is calculated as contribution margin divided by EBIT.
Q: Gross sales of components for the first six months of 2021. were: Month Amount Month Amount January ...
A: Sales Return - A sales return is merchandise sent back by a purchaser to the vendor. The return is u...
Q: month? A. 5.72 B. 5.61
A: Joint cost: It is the cost of producing two products or services together in a single process. Commo...
Q: What is the risk caused by the sample taken by the Auditor that does not describe the characteristic...
A: Audit sampling is the audit procedure in which sample is selected to test the whole data or informat...
Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...
A: A partnership is a written contract between two or more people to manage and operate a business whil...
Q: PRINCESS Trading Company presents the following data as of December 31, 2018. Percent to sales Amoun...
A: Additional Fund Needed: Greater funds necessary (AFN) refers to the amount of money a corporation ne...
Q: Samar Company’s Job 888 manufactured 13,750 units that were completed in February at unit costs pres...
A: A unit cost refers to the total expense which is incurred by the company to manufacture, store and s...
Q: Financial audit Q&A What is the process used by auditors in conducting tests of control in testing d...
A: Financial Audit: A financial audit is led to give an assessment of whether budget summaries are expr...
Q: e. - The Decorating Supplies account started the year with a balance of $6,540. During 2010, the com...
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. Th...
Q: %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Emma received a $79,300 mortgage that is amortiz...
A: a. Size of payment = A = P(r(1+r)^n)/((1+r)^n-1) Where, A = Payment amount per month (Size of paymen...
Q: following transactions occur for Badger Biking Company during the month of June: Provide services...
A: Solution: Accounting equation represents assets must equal the total of liabilities and equities. Th...
Q: PE 4. Maharlika Company manufacture two products, Alpha and Beta. Fixed costs equal P146,000. Produc...
A: Net income = Sales - variable cost= contribution Contribution- fixed cost = profit Break even sales...
Q: The DJ Partnership has two partners, Dawn and Jack. Each partner's basis in his or her partnership i...
A: Whenever a partner transfers either cash or property to another partner partnership distribution tak...
Q: How much of the 2021 capital loss can X Corp carry over to 2022?
A: Capital loss refers to the loss which is incurred due to the decrease in the value of capital assets...
Q: partners FE, Lorna and ALMA decided to sell 20% of their capital directly to Roy for 200k. Capital b...
A: The direct sale of old partners share to new partner is not recorded in the books of partnership fir...
Q: Units started Work in process, beginning (35% complete) Work in process, end (70% complete) Transfer...
A: Equivalent unit of production is also written as EUP. It is used in process costing. It is calculate...
Q: X Company pays time and a half for hours in excess of 40 hours per week. If an individual is paid P6...
A: Direct labor includes regular payment of labor and also overtime payment.The over time rate are base...
Q: Shore Company reports the following information regarding its production cost. 29,000 units 24 per u...
A: Formula: Product cost per unit under absorption costing = Direct materials + Direct labor + Variable...
Q: Assume the following information pertaining to Star Company: Prime costs $ 195,000 Conversion costs ...
A: Prime cost is a combination of direct material used and direct labor. So direct labor is the differe...
Q: Buzz Company uses 40,000 gallons of materials for which they paid P7.00 a gallon. The materials pric...
A: Used material (AQ) = 40,000 gallons Actual rate (AR) = P 7.00 Material price variance = P80,000 Stan...
Q: Harmony, a citizen and resident of the Philippines, married, died, leaving the following properties:...
A: Correct option is p450,000.
Q: Papaya Corporation has the following product information: Sales price $9.00per unit $5.00per unit Va...
A: Calculation of operating income when sale price is $9 CALCULATION PARTICULAR AMOUNT A ...
Q: Determine the capitalized cost of a resear construction; P100000 at the cost of every y hereafter fo...
A: Original Construction Cost =P5,000,000 Annual Operating Cost from year 1 to 5 = P100,000 Annual Oper...
Q: . Jacobe Company uses the weighted-average method in its process costing system. The Assembly Depart...
A: Solution: Equivalent units are defined as how much work has been done on a certain number of physica...
Q: Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller)...
A: Under Periodic inventory method, all purchases made between physical inventory counts are documented...
Q: Fees Eamed elsanne (meron, Capital Acumsaned Depreciution Bulding Enerson Company General Ledger UNA...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: X Corp, a personal holding company, is owned by two individuals and has gross income as follows: $50...
A: Solution:- Given, X Corp. a personal holding company is owned by two individuals gross profits from ...
Q: Which of the following is an example of an indirect cost? Multiple Choice Cost of labor Cost of down...
A: Indirect Cost are expenses other than direct expenses are known as indirect expenses. These cannot ...
Q: Vibrant Company had $950,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased mercha...
A: The gross profit is calculated as difference between sales and cost of goods sold. Cost of goods sol...
Q: sing the financial information is presented below: Operating Expenses $ 55,000 ...
A: Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales returns and all...
Q: Analyse the measures that are taken in the detection of a fraud.
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage ...
A: Percentage tax is the amount of tax which is paid by non VAT registered suppliers. It is indirect ta...
Q: ement. 1. The term of the lease is 6 years with no renewal option, and the machinery has an esti...
A: Journal entries refer to the process of collecting and documenting all the transactions of a company...
Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...
A: Ending Capital Balance=Beginning Capital Balance+Share in Profit-Drawings
Q: Ken Hensley Enterprises, Inc., is a small recording studio in St. Louis. Rock bands use the studio t...
A: answers a. In the books of Ken Hensley Enterprises Inc. : Adjustment Account Titles Debit Cred...
Q: X Inc has used traditional costing where OH cost is applied based on 15% of Direct Labor cost. DL co...
A: Calculation of Total Cost assigned to Product G Product G Total Cost Direct Materials ...
Q: During the year, the ABC partnership’s operations generated a loss. The partnership agreement provid...
A: Solution: Share of loss of partner A = P8,000 Salary and interest to Partner A = P2,000 + P15,000 = ...
Q: The term arm's length can apply to transactions involving trusts, corporations, and individuals.
A: The concept of arm's length states that the parties are independent and they are not under any press...
Q: In June of the current year, Department 2 (last department) received 80,000 units from Department 1....
A:
Q: 57. Bryan Company employs process costing system. A unit of product passes through two departments...
A:
Q: The TOYO Manufacturing Company has the following financial information: · Manufacturing ove...
A: Material Consumed=Direct materials purchased-Increase in direct materials
Q: Angat Buhay Organization (ABO), a non-profit organization, received the following donations and pled...
A: Non profit organizations receive donations of different kinds from donors. Sometimes the donors may ...
Q: P430,000 and P570,000, respectively. The operations of the partnership for 2022 resulted to a profit...
A:
Q: Explain why people commit fraud. 2. What are the various types of fraud?
A: Fraud is any intentional act done to obtain illegal or unjust advantage by employees, management, th...
Step by step
Solved in 4 steps
- Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturityThe balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of merchandise. Which of the following is the correct journal entry for this sale? A. B. C. D.
- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?On June 1, 2023, AAA Company sold merchandise with an invoice price of 5,000,000 to a customer. The entity allowed trade discounts of 15%, and 10%. Credit terms were 3/10, n/30 and the sale was made FOB destination. AAA Company paid 100,000 of the delivery cost. a. Compute the total amount of purchases to be included on the buyer’s inventory in the determination of cost of goods available for sale if payment was made beyond the discount period. b. What is the full amount received by AAA company if payment was made on June 11, 2023?An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.
- On June 15, 2022, Robinson Company received a shipment of merchandise from Taytay Company with a selling price of P100,000. The consigned goods cost Taytay Company P70,000. Freight charges of P5,000 had been paid by Taytay Company for the shipment. The terms of the consignment are the following: · 2/10, n/30; · 15% commission based on gross sales· Cash discounts taken by customers, expenses applicable to the goods on consignment and any form of cash advanced to the consignor are deductible from the remittance by the consignee. Robinson Company advanced P10,000 to Taytay Company upon receipt of the shipment. An expense related to sold units of P3,500 was paid by Robinson Company. By June 2022, 80% of the shipment had been sold, and 90% of the resulting accounts receivable had been collected, all within the discount period. Remittance was made on June 30, 2022.Determine the net income on consignment.In 2020, Shop Wholesalers transferred goods to a retailer on consignment. The goods cost P450,000 and normally sold at a 50% markup based on cost. Shop Wholesalers paid P5,000 for the cost of shipment while the retailer paid P2,800 for advertising and P800 for the cost of freight out. The parties agreed that Shop Wholesalers would reimburse the cost of advertising and freight paid by the retailer. In 2020, the retailer at the normal markup sold 60% of the merchandise, and the balance of the merchandise was returned to the consignor incurring freight of P1,200 paid by the consignor. The retailer withheld a 15% commission from payment plus the amount reimbursable by the consignor. The amount remitted by the retailer to the consignor is: the net income earned by the consignor on the shipment is:On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive) Terms 2/10, n/30, FOB shipping point, freight collect Amount of freight cost is P1,000 Assuming X Company issued a debit memorandum for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will be
- On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect. Amount of freight cost is P1,000. Assuming X Company issued a debit memorandum for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will be (On August 1, 2019, XZY Corporation received subscription for 7,000 shares of Ordinary Share Capital, P 100 par value, at P 110 per share. Received 10% down payment and the balance payable in 3 equal installments. The entry to record the subscription default assuming 1,500 shares out of the 7,000 shares were unable to pay the last installment will includeOn April 10, 2020, B Trading sold merchandise to EFC Co. Limited for P130,000 under the terms: less: 5%; 2/10, n/30 FOB destination freight collect. EFC Co. Limited paid the freight of P5,000. On April 15, EFC Co. Limited returned to B Trading defective merchandise worth P10,000 (stated at list). EFC Co. Limited paid the account within the discount period amounting to P106,230. B Trading notify. EFC Co. Limited that the amount that they should pay is P106,720. Whose claim do you think is correct B or EFC? ExplainCastro Industries purchased $21,600 of merchandise on February 1, 2020, subject to a trade discount of 5% and with credit terms of 2/15, n/60. It returned $5,000 (gross price before trade or cash discount) on February 4. Castro paid one-half of the outstanding obligation on February 13. The remaining amount was paid 60 days after the date of purchase. Prepare the journal entries Castro would make for the purchase, the return, and the two payments using (1) the gross method and (2) the net method. Castro uses a periodic inventory system.