A, B and C formed a joint operation. Profit or loss shall be divided equally. On the joint operation’s completion date, the books of A, the appointed manager, show the following account balances: Debit Credit JO – Cash 80 Joint operation 20 B Co. 60 C Co. 40 A’s share in the joint operation’s profit is ₱16. A agreed to be charged for the unsold merchandise. How much is the cost of unsold merchandise charged to A? ___________________________

A, B and C formed a joint operation. Profit or loss shall be divided equally. On the joint operation’s completion date, the books of A, the appointed manager, show the following account balances: Debit Credit JO – Cash 80 Joint operation 20 B Co. 60 C Co. 40 A’s share in the joint operation’s profit is ₱16. A agreed to be charged for the unsold merchandise. How much is the cost of unsold merchandise charged to A? ___________________________

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entity A, a VAT-registered business in the Philippines, had total sales of $3,000,000 and total purchases of P1,200,000 (both exclusive of VAT) during 20x1 Show all your solutions 1. How much is the Output VAT? 2. How much is the Input VAT?3. How much VAT should Entity A remit to the BIR? 4. What is the journal entry to record the sales? 5. What is the journal entry to record the purchases
he questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: applies to th Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense E6-17 (Algo) Part 1 Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement
The company made a sale of goods for RO. 10000 (cost RO 12000) and received 45% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) + 5500 (Receivables) = 0 + - 2000 (Loss) b. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + - 2000 (Loss) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Receivables) + + 2000 (Profit)
Explainations would be apprectiated and I would also like help with formating.
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5. Alivat Company purchases goods for OMR 18,000 from the supplier and makes payment along with VAT, The Company realizes OMR 25,000 by selling those goods and charges VAT from customer. What will be the VAT amount that is forwarded by the supplier of the company to the government when VAT rate is 9%? A. OMR 1,620 B. OMR 630 C. OMR 2,250 D. OMR 2,880
FDN Company sold goods amounting to P5,000 on account. Freight is on terms FOB shipping point, Prepaid for P600. How much should be credited to Cash?
Given the following, how much is total distribution costs? Freight-in: ₱5,000 Freight-out: ₱6,000 Depreciation Expense – Store Equipment: ₱27,723 Depreciation Expense – Office Furniture and Fixtures: ₱19,554 Store Salaries and Wages Expense: ₱122,297 Store Utilities Expense: ₱38,173 Miscellaneous Administrative Expenses: ₱12,412
PROBLEM 4: The records of ZZZ Company reveal the following information: A. Goods sold on an installment basis to Luxembourg, Inc., possession of the goods is transferred to Hatred, Inc., P750,000. B Goods sold to Madrid Company for which ZZZ has signed an agreement to repurchasethe goods sold at a set price that covers all costs related to the inventory, P680,000. C. Goods received from YYY Company for which an agreement was signed requiringZZZ to replace such goods in the near future, P580,000. C. Goods purchased from Male, Inc., P430,000. Billing was received although delivery was delayed per request of ZZZ. The goods purchased were segregated and ready for delivery on demand. D. Goods purchased from Managua on a lay away sale agreement, P550,000. The goods were not yet delivered until after ZZZ makes the final payment on the purchase price. ZZZ made total payments of P50,000 during the year. How much is included by ZZZ as part of inventory?
7. Previous attempt 4. Campus Stop is considering a contract to sell merchandise to a campus organization for $21,000. This merchandise will cost Campus Stop $13,800. What would be the increase or decrease to Campus Stop's gross profit and gross profit percentage? TIP: The impact on gross profit (a dollar amount) may differ from the impact on gross profit percentage. (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit increased by $ Gross Profit Percentage decreased to References eBook & Resources 13,800 You did not re- 34.3 %
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