A farm supply dealer made the following sales during a month:nemet45,00065,000120,000240.000FertilizerPHybrid corn and rice seedsPesticidesWater pumps and hand tractorsTotalP 470,000mob ACompute the sales subject to business tax.а. Р 110,000b. P120,000c. P230,000d. P360,000slin

Data given:: Detail of sales made by a farm supply dealer during a month: Fertilizer…

Answered: A farm supply dealer made the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 6EB: Monster Drinks sells twenty-four cases of beverages on October 18 for $120 per case. On October 25,...

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May I ask for a solution and explanation to the problem for a better understanding. Thank you! 6. Using Carrot Corp. What is the Average collection period for year 2? a. 20 days b. 22.50 days c. 24 days d. 24.50 days
8. Prepare journal entries for the following transactions from Barrels Warehouse. Jul 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash The cost for this sale is $18 per barel. Sold 1,200 barrels with a sales price of S32 per barrel to customer Paramount Apparel. Paramount paid using its in house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 Sold 1,400 barrels with a sales price of S31 per barrel to customer Melody Sharehouse Melody paid using her Money Plus credit card The cost for this sale is S18 Jul 3 per barrel Jul 5 barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% per usage fee based on the total sale per transaction. MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees Paramount Apparel paid its account in full with a cash payment, less any discounts. Jul 8 Jul. 13
PA1. LO 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul. 3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Jul. 5 Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any…
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Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/Loss
Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens Company, invoice no. J34Y9, 250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, 15 (total 265.25). 11Bought one weed trimmer from Lionels Lawn Landscaping, invoice no. R7740, 219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, 35 (total 254.72). 15Bought five bags of fertilizer from Wrights Farm Supplies, invoice no. 478, 210.97; terms net 30 days; dated May 13; FOB destination. 25Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, 425.39; terms net 30 days; dated May 22; FOB destination. Assume that Williams Corporation had beginning balances on May 1 of 3,492.29 (Accounts Payable 212), 4,239.49 (Purchases 511), and 234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.
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Pretty charges P3.75 per kilogram of laundry service done. The cost of laundry supplies consumption is P0.25 per kilogram of laundry done. The total service revenue for the period is P2,812.50. The cost of supplies consumed is a. P187.50 b. P803.57 c. P703.13 d. P2,636.72
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A farm supply dealer made the following sales during a month: Insmets Fertilizer Hybrid corn and rice seeds Pesticides 45,000 65,000 120,000 240.000 P. P Water pumps and hand tractors Total 470,000 Compute the sales subject to business tax. a. P110,000 5. P120,000 c. P230,000 d. P360,000