Year 2 Year 1 Accounts payable $ 4,110 $ 2,740 Cost of goods sold . 50,000 40,000
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A: Workings:
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A: answer wit calculation are as follows
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Wentz Co. made it a priority to negotiate better credit terms with its suppliers so it could defer payments
longer. (a) Use the following information for Wentz Co. to compute days’ payable outstanding for Year 1
and Year 2. (b) Does Wentz Co. appear to have negotiated better credit terms in Year 2 than in Year 1?
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- Gross profit During the current year, merchandise is sold for 18,300 cash and 295,700 on account. The cost of the goods sold is 188,000. What is the amount of the gross profit?Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…Bought delivery van P850,000 terms 20% down and the balance payable in oneyear. Required: 1. Record the transaction in the general journal.
- 8. Insurance payments P150,000 Prepaid insurance, Jan. 1 65,000 Prepaid insurance, Dec. 31 85,000 Accrued insurance payable decreased by 35,000 How much is the insurance expense under accrual basis accounting? a. 205,000 b. 65,000 c. 130,000 d. 95,000YEAR PROFITS AFTER TAXES 1 19,000,000 2 22,000,000 3 20,000,000 4 24,000,000 5 26,000,000 Please answer all three A, B, and CII.DIRECTION: Compute for the amount of interest for the following; 1. Principal or amount barrowed : Php 10, 000Interest rate : 10% per yearTime : 3 months 2. Principal or amount barrowed : Php 30, 000Interest rate : 6% per yearTime : 60 days
- Total interest expended will be: a. OMR 50,400,000 b. OMR 45,000,000 c. OMR 55,000,000 d. OMR 45,400,000 Total of non-interest expenses during the year was: a. OMR 9,660,000 b. OMR 8,680,000 c. OMR 16,860,000 d. OMR 16,680,000Discount ₱264,000 for 2. 75 years converted quarterly at 10.64%.Home appraised for $459,900 bank offering 1.9% for 20 years property taxes 5% calculate PITI
- Interest earned during the year will be: a. OMR 73,200,000 b. OMR 132,600,000 c. OMR 127,200,000 d. OMR 48,800,000 Non-interest incomes will be: a. OMR 2,800,000 b. OMR 2,400,000 c. OMR 4,400,000 d. OMR 4,200,0009. Unearned rent, Jan. 1 P170,000 Unearned rent, Dec. 31 85,000 Accrued rent income, Jan. 1 180,000 Accrued rent income, Dec. 31 200,000 Rental payments received 560,000 How much is the Rent income under the accrual basis accounting? a. 455,000 b. 625,000 c. 665,000 d. 645,00034.ABC Corp received a three-year 10% P2,000,000 on January 1, 20X1. Principal and interest are due after 3 years, How much is the interest receivable at Dec 31, 20X2 200,000 400,000 600,000 2,000,000