Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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BLOCK D/2018/1
In t1, you purchase goods on target in the amount of € 9 thousand (net). Furthermore, transport costs of € 500 (net) to be paid to an external service provider for the purchase of the goods are incurred (incidental acquisition costs); payment is also made on destination. Your col- lege posts the goods receipt as follows:
purchase of goods € 9,000 and amounts of € 1,710 intrade payables € 10,710 as well as
Other operating expenses for trade payables €500.
The goods are to be sold in t2. It is foreseeable that you will be able to sell the goods witha high profit margin.
Do the postings of the colleague lead to an accrual determination of success?
If further bookings or corrections are required in t1, make them and justify your action with reference to the possible bookings. relevant legal regulations!
The following relates to a single sale of goods made by Spurs in 2023:
Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024
Question:9. If the term is FOB destination, how much sales should be recorded by Spurs for the year ended December 31, 2023?
a. P0b. P490,000c. P495,000d. P500,000
PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows:
12345
Net SalesAD250,000290,000400,000
Merchandise Inventory, 1/1/2020B50,00070,000J120,000
Net Cost of Purchases80,000EG160,000390,000
Goods Available for Sale110,000160,000HKM
Merchandise Inventory, 1/1/202040,000F30,00070,000N
Cost of Goods SoldC140,000230,000L380,000
Gross Profit50,00040,000I160,000O
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- An entity have two items that are under evaluation for possible year end adjustments . (1) Purchase with supplier invoice dated Dec. 30, 2020 P120,000 . This was shipped FOB shipping point , freight prepaid . Freight costs P5,000 . The purchase was recorded but the freight was not. ( 2) A purchase return of P20,000 was made but not recorded. If the correct ending inventory is P200,000 and the cost of goods sold before adjustments is P5,000,000, what is the correct cost of goods available for sale?arrow_forwardDirections: Show complete solutions. Take a picture of your solutions and paste in word. Submit the word file version to my email no later than 10:30am today. Thanks. Problem 1: Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020. Inventory at December 31, based on physical count – P1,750,000 Accounts payable at December 31 – P1,200,000 Net sales – P8,500,000 Additional information: Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier. Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020. Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020. Tools returned by…arrow_forwardUse the following date to answer the requirement of this item:Quantity (Product X) - 1,200.00Quantity (Product Y) - 1,800.00Purchase cost per unit (Product X) - 70.00Purchase cost per unit (Product Y) - 90.00Cash discount taken for both products – 10%Freight cost from supplier (Product X) 10.00Freight cost from supplier (Product Y) 30.00Estimated selling price (Product X) 120.00Estimated selling price (Product Y) 150.00Estimated selling costs (Product X) 22.00Estimated selling costs (Product Y) 35.00General and administrative (Product X) 15.00General and administrative (Product Y) 21.00Cost of goods sold per record – 385,800Inventory at year-end shall be carried atarrow_forward
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