ABC Co sold merchandise to DEF Co for P120,000 and received P120,000 for that sale one month later. One
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Please show your solution for this one in a good accounting form. I would prefer if you present it in an excel. Thank you so much!
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- Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.An entity was offering premium as a sales promotion scheme and that during the year it purchased 10,000 premiums for P20 each. Customers need to remit 10 boxes and P5 to redeem one premium. Assume there were no redemptions during the first year of the promotion, which of the following statements would be correct if it uses the revenue approach? a. The entity will report an inventory of premiums at the net cost of P15. Tb. he entity will report an estimated liability equal to the premium expense. c. None of the other choices are correct. Td. he entity will not report any expense since there were no redemption. e. No accounting liability shall be recognized since there were no redemptions.
- Vangie Company, a merchandising concern entity, has the following transactions during 2020:a. Purchased merchandise amounting to P100,000. Terms: 2/10, n/30.b. Sold merchandise to various customers, P125,000. Cost of merchandise sold, P65,000.c. Approved and accepted the return of merchandise from customer due to wrong delivery,P12,000. The cost of the inventory is P8,000.d. Paid freight for merchandise sold, P12,000.e. Returned merchandise to suppliers due to damages, P15,000.f. Acquired merchandise from various suppliers, P180,000. Terms: less 10%, 2/10, n/30.g. Paid accounts payable to various suppliers amounting to P90,000 less 2% discount taken.h. Sold merchandise to various customers, P90,000. Cost of merchandise sold, P55,000.i. Received proceeds from accounts receivable collection amounted to P100,000, net of 2%discounts.j. Paid freight for merchandise purchased, P18,000.Requirements:1. Record the above transactions usinga. Perpetual Inventory SystemDuring the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (4) was sold for N$10 000 during May. In addition, rental and insurance for the month amounted to N$2 000 and N$500 were incurred, respectively. Compute the cost of sales. Answer:During August 2024, Lima Company recorded the following: Requirements • Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Goods Sold. • Collections on account, $106,400. 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method. • Write-offs of uncollectible receivables, $990. • Recovery of receivable previously written off, $800. Requirement 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Sales of $133,300 ($122,000 on account, $11,300 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entratable. Prepare a single compound journal entry.) Accounts and Explanation Debit Credit Date Aug
- The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 12%, $70,000 note on June 1, 2024, and that this was the only note payable for the company. (Click the icon to view the income statement.) Requirements 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. 2. Compute the times-interest-earned ratio for the company. Round to two decimals. Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income…On June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
- Goods totaling P100,000 were purchased February 2 with terms of 2/10, n/30. Returns of P20,000 were made February 10. What amount of discounts, if any, can be availed of if the invoice was paid on February 12?Marigold Ltd. sold goods to Martinez Corp, for 67400, terms n/15, FOB shipping point. The inventory had cost Marigold $35800. Marigold’s management expected a return rate of 3% based on prior experience. What is the adjusting entry?MN Plc's draft statement of profit or loss for the year ended 31 March 20X8 includes GHS8m of revenue for credit sales made on a 'sale or return' basis. At 31 March 20X8 customers who had not yet paid had the right to return goods to the value of GHS2.6m. MN Plc applied a mark-up on cost of 30% on all of these sales. MN Plc's customers have in the past returned goods under this type of agreement. By what amount should MN Plc's profit for the year ended 31 March 20X8 be reduced in respect of this? A. GHS2,600,000 B. GHS780,000 C. GHS600,000 D. GHS2,400,000