Chapter 4, Problem 4.4C

Q14 An entity acquired specialized computer software for use in its manufacturing process on 1 February 2016. The cost price from the software vendor is R120 000 which will be paid as follows: R40 000 cash upfront which was paid on 1 February 2016 R80 000 will be paid 31 October 2016. The entity can borrow loans at market interest rate 10% p.a. currently from banks. Normal credit payment period for goods purchased on credit for the entity is three months.   At what cost should the specialized computer software be recognized in the books of the entity?   Select one: a. R40 000 b. R112 727 c. R113 629 d. R120 000

block d/2019/4 Würstchen Uli GmbH is a food retailer that  is in  economic difficulties due to tax arrears from the  past and therefore wants to report  the highest possible  annual result  in t1   . Create the postingrecords for the following transactions in t1: Würstchen Uli GmbH is purchasing a new copying machine in t1, which will be used in administration in the future. The purchase price according to the list is € 17,850 gross. Afurther € 5,950 gross must be paid to the manufacturer for delivery and installation on site. The amount due will be paid by bank transfer. The expected service life of the machine is estimated at 5 years.  Due to the expected high utilisation in t1, Würstchen Uli GmbH is only considering a geometrical-declining balance or straight-line depreciation as scheduled depreciation  .  Show  your solution comprehensibly.  The Würstchen Uli Gmbh has on 5.1.t0 for 50.000 € for the purpose of short-term speculation securities in the Katari Ltd.  whose carrying…

Bought delivery van P850,000 terms 20% down and the balance payable in oneyear.  Required: 1. Record the transaction in the general journal.

Show the solution in good accounting form Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?

Topic: Premium Liability Problem 2-20 William Company operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2020, the entity issued 100,000 award credits and expects that 80% of these award credits shall be redeemed. The total stand-alone selling price of the award credits granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P8,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows   Redeemed Expected to be redeemed 2020 30,000 80% 2021 15,000 90%   Solve for the following: The revenue from points for 2020 The revenue from points for 2021

On 4/2. Fresh Seafood Company purchases seasonings from customer for $500,000, payment terms are 3/10, 1/30 The company pays 70% of the price on 4/8 and the rest on 4/30. Assuming that the company adopts the net method, make a trial entry.

Kindly answer in good accounting form. thank you! Maria Corporation has a branch in Caloocan. During 2021, the homeoffice shipped to the branch supplies costing P156,000 at a billed price of30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31,2021, the home office holds inventories of P112,800 which includesP11,500 held on consignment and which excludes P5,000 inventories outon consignment. How much is the inventories in a combined balancedsheet as of December 31, 2021?

Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…

Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31