The beginning balance of unused supplies is P10,000. During the period, total purchases of supplies amounted to P30,000 initially recorded as asset. At the end of the period, the actual unused supplies is P15,000. The supplies expense to be reported for the period is

The beginning balance of unused supplies is P10,000. During the period, total purchases of supplies amounted to P30,000 initially recorded as asset. At the end of the period, the actual unused supplies is P15,000. The supplies expense to be reported for the period is

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
At the start of the period the accounts payable balance was P75,000 and the unused supplies has a balance of P5,000. Total purchases on account amounted to P180,000 during the period including the supplies purchase of P15,000. At the end of the year, the unused supplies balance is P5,000 and the accounts payable balance is P40,000. The supplies expense for the period is P20,000 P15,000 P4,500 P 15,500
The accounts payable balance of Japan Company at December 31, 2020 was P590,000 before the year-end adjustments relating to the following information: a. Upon receipt of the invoice on December 28, 2020 for goods costing P30,000, the accounting staff of Japan Company recorded the purchase in the accounts. It was determined that the goods were shipped FOB destination on December 27, 2020 and were received by Japan Company on January 2, 2021.b. Goods with an invoice cost of P25,000 which were shipped FOB shipping point on December 23, 2020 from a vendor to Japan Company were lost in transit. On January 4, 2021, Japan Company filed a P25,000 claim against the transportation company.c. Goods costing P9,000 were shipped FOB shipping point from a vendor to Japan Company. Because the vendor’s invoice and the goods were received on January 3, 2021, the accounting staff did not include the goods in its December 31, 2020 inventory nor was the purchase recorded in the accounts in 2020.What amount…
Orange Company's accounts payable balance at December 31, 2021 was P540,000 before the year-end adjustments relating to the following information: a. Goods with an invoice cost of P30,000 were in transit from the vendor to Orange on December 31, 2021. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 3, 2022. b. Goods with an invoice cost of P15,000, which were shipped FOB shipping point on December 22, 2021 from a vendor to Orange, were lost in transit. On January 4, 2022, Orange filed a P15,000 claim against the transportation. c. Goods with an invoice cost of P9,000, which were shipped FOB shipping point, were in transit on December 31, 2021 from a vendor to Orange. The goods were received on January 5, 2022. What amount should Orange Company report as accounts payable on its statement of financial position as of December 31, 2021?
A home office ships merchandise to the branch at 30% above cost. The allowance for overvaluation at the beginning of the year was P25,000 and at the end of the year, the balance before adjustment was P265,000, and after the adjustment, the balance is P30,000.How much is the shipments to branch account during the year?
The balance in Iwig Company’s accounts payable account at December 31, 2021 was P400,000 before any necessary year-end adjustments relating to the following: A. Goods were in transit to Iwig from a vendor on December 31, 2021. The invoice cost was P50,000. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 4, 2022. B. Goods shipped FOB destination on December 21, 2021 from a vendor to Iwig were received on January 6, 2022. The invoice cost was P25,000. C. On December 27, 2021, Iwig wrote and recorded checks to creditors totaling P30,000 that were mailed on January 10, 2022. 2. In Iwig’s December 31, 2021 statement of financial position, the accounts payable should be
The balance in ABC Company's accounts payable account at December 31, 2021, was P900,000, before any necessary year-end adjustment relating to the following: a. Goods in transit from a vendor to ABC on December 31, 2021. The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29, 2021. The goods were received on January 4, 2022. b. Goods shipped FOB shipping point on December 20, 2021, from a vendor to ABC was lost in transit. The invoice cost was P25,000. On January 5, 2022, ABC filed a P25,000 claim against the common carrier. C. On December 31, 2021, ABC has a P20,000 debit balance in accounts payable to a supplier resulting from an advance payment for goods to be manufactured. What amount should be reported as accounts payable on its December 31, 2021 financial statement?
The balance of Ward Company’s Accounts Payable at December 31, 2019 was P1,300,000 before any year-endadjustments of the following transactions during 2019: Goods were in transit from a vendor to Ward on December 31, 2019. The invoice cost was P45,000 and thegoods 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 Ward were lost in transit. The invoicecost was P34,000. On January 4, 2020, Ward filed a P34,000 claim against the common carrier.  On December 27, 2019, Ward wrote and recorded checks totaling P60,000 in payment of an accounts payablewhich were mailed on January 10, 2020. a) Prepare adjusting journal entries on December 31, 2019 showing solutions in good accounting form.b) What amount should Ward report as accounts payable on its December 31, 2019 Statement of FinancialPosition?
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The following pretax amounts pertain to Helsinki Company for the yearended December 31, 2021: Sales, P800,000; Distribution andadministrative costs, P84,000; Other income, P40,000; Interest expense, P4,000; Cost of goods sold, P480,000; Correction of priorperiod error (credit), P16,000; Discontinued operations (debit),P40,000; Cumulative effect of change in accounting policy (credit),P28,000; Retained earnings, January 1 (not restated), P160,000; Dividends declared, P12,000; Income tax rate is 30% How much retained earnings would be shown on December 31, 2021 statement of financial position?
For item 5. An SME has the following informationRetained Earnings P 2,400Transactions during the yearRevenues 5,000Dividend Income 800Dividend income and other expenses 3,200Dividend Declared P 350Additional information:• During the year, the SME changed the cost flow for its inventories from the FIFO method to theweighted average.FIFO AverageJan. 1 P 3,200 P 2,600December 31 5,300 6,4005. If the SME opts present a statements of income and retained earnings, the bottom line in thestatement shows an amount equal toa. P2,600 b. P2,850 c. P4,550 d. P4,050
The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit Accounts Payable 1,960,000 Accounts Receivable 1,280,000 Accrued Interest - Note A 30,000 Accrued Interest - Note X 200,000 Accrued Interest - Note Y 50,000 Accrued Interest- Note B 24,000 Accumulated Depreciation - Factory Building 325,000 Accumulated Depreciation- Admin. Building 200,000 Accumulated Depreciation of Machinery and Equipment 270,000 Administrative Building 1,000,000 Advances to Customers 148,000 Advances to Suppliers 149,000 Allowance for Doubtful Accounts 58,000 Bonds Payable 2,000,000 Cash 540,000 Cash fund for acquisition of Building 1,500,000…