Valley Spa purchased $11,200 in plumbing components from Tubman Company. Valley Spa signed a 90-day, 7% promissory note for $11,200. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.) Multiple Choice $11,200 $11,450 $196 $1,396
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- Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to $1,200; and one-year registration of the truck was $100. What is the total amount of costs that should be capitalized? A. $60,600 B. $66,100 C. $54,000 D. $59,400Valley Spa purchased $11,200 in plumbing components from Tubman Co. Valley Spa Studios signed a 90-day, 7% promissory note for $11,200. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.)Sprocket, Inc. ships 150 widgets (cost $500/unit) to Bender Co. on consignment on March 31, 2022. By June 30, 2022, Bender sold 90 of the consigned widgets at the price of $800 per unit. Bender notifies Sprocket of the sales, retains an 8% commission, and remits the cash due to Sprocket. Prepare the appropriate journal entries for Sprocket on June 30 Please dont provide answer in an image format thank you
- On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200 worth of supplies. Because of some defects, theyreturned P300 to the suppliers. At year end, the supplies amounted to P1,800.What is the amount of supplies expense?Bach Co., a VAT-registered business, acquired a piece of equipment for P224,000 on account. The purchase price is inclusive of 12% VAT. A P4,480 prompt payment discount is available on purchase, but Bach Co. opted not to take it. Bach Co. also incurred P20,000 cost of training the personnel who will be operating the equipment. Two months after the equipment was installed, Bach Co. decided to redeploy the equipment to another location. Bach Co. incurred P30,000 in the relocation and reinstallation. The cost of the equipment is a. 245,520. b. 230,000. c. 204,480. d. 195,520.On January 1, 2014, PC purchased a used cement truck from EC. The carrying value of the truck on EC's books was P12,500. PC paid cash ofP2,000 and gave a 2-year note that required semi-annual payments of P4,000 each payable at the end of each semi-annual period (themarket rate of interest was 12 percent). A similar truck reportedly was sold recently for P14,000. PC Company should record the cost of thetruck as:
- Walker Motel recently purchased new exercise equipment for its exercise room. The followinginformation refers to the purchase and installation of this equipment: 1. The list price of the equipment was $40,000; however, Walker qualified for a “special dis-count” of $5,000. It paid $10,000 cash for the equipment, and issued a three-month, 12 percent note payable for the remaining balance. The note, plus accrued interest charges of $750, waspaid promptly at the maturity date.2. In addition to the amounts described in 1, Walker paid sales taxes of $2,100 at the date ofpurchase.3. Freight charges for delivery of the equipment totaled $600.4. Installation and training costs related to the equipment amounted to $900.5. During installation, one of the pieces of equipment was accidentally damaged by an employee.It cost the motel $400 to repair this damage.6. As soon as the equipment was installed, the motel paid $3,200 to print brochures featuring theexercise room’s new, state-of-the-art…Jackie Company uses installment sales method for their installment sales. On January 1, 2008, an equipment that cost P24,000 was sold for P40,000 to Mr. Charlie. Mr. Charlie made a down payment of P10,000 and paid P6,000 each for three months. When no further collection could be made, the equipment sold was repossessed. The estimated selling price was determined to be at P8,000 after the company spent P1,000 for reconditioning cost. A 25% gross profit was usual from the sale of used equipments. Determine the gain or loss on repossession.Jackie Company uses installment sales method for their installment sales. On January 1, 2008, an equipment that cost P24,000 was sold for P40,000 to Mr. Charlie. Mr. Charlie made a down payment of P10,000 and paid P6,000 each for three months. When no further collection could be made, the equipment sold was repossessed. The estimated selling price was determined to be at P8,000 after the company spent P1,000 for reconditioning cost. A 25% gross profit was usual from the sale of used equipments. Determine the cost of repossessed merchandise.
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