3. Presented below is Seduco Company's December 31, 2021 balance sheet: Goods out on consignment at another company's store P 800,000 |Goods purchased in transit, Free Alongside, including delivery cost alongside the vessel of P2,000 but excluding the cost of shipment of 80,000 P1,000 Goods purchased FOB shipping point that are in transit at December 31 120,000 Goods purchased FOB destination that are in transit at December 31 200,000 Goods sold and delivered on December 20. The goods were included in the inventory because the sale was accompanied by a purchase agreement requiring Seduco to buy back the inventory on February 2022 500,000 Goods sold FOB shipping point that are in transit December 31 120,000 Freight charges on goods purchased, FOB shipping point 80,000

3. Presented below is Seduco Company's December 31, 2021 balance sheet: Goods out on consignment at another company's store P 800,000 |Goods purchased in transit, Free Alongside, including delivery cost alongside the vessel of P2,000 but excluding the cost of shipment of 80,000 P1,000 Goods purchased FOB shipping point that are in transit at December 31 120,000 Goods purchased FOB destination that are in transit at December 31 200,000 Goods sold and delivered on December 20. The goods were included in the inventory because the sale was accompanied by a purchase agreement requiring Seduco to buy back the inventory on February 2022 500,000 Goods sold FOB shipping point that are in transit December 31 120,000 Freight charges on goods purchased, FOB shipping point 80,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

3) What are the functions of FASB, GASB and FASAB? Explain
What is MM Proposition II?
4. What is Multicollinearity? a. What are the consequences of multicollinearity?
Q. 7 a) Discuss the main assumptions of CAPM theory. b) Discuss the theoretical and practical problems of the САРМ.
What does the IAS 2 explains?
5) Explain why we de-lever and re-lever the PL.
But why? for number 3
Cash $ 30,000 Marketable securities $ 25,000 Accounts Receivable Inventory Total current Assets Net Fixed Assets Total Assets Accounts Payable $ 120,000 Short-term Notes Payable Accrued Liabilities $ 20,000 Total Current Liabilities Long-Term Debt Total Debt Stockholder's Equity $ 600,000 Total Liabilites and Equity Assumptions: Sales = $1,825,000 Gross profit margin = 30% Inventory Turnover = 7.0 365 days per year DSO = 40 days Current ratio = 1.40 Total Asset Turnover = 1.25 Complete the Balance Sheet below based on the given information
Num.10
Define Rule of 78