ABC Financials revealed that Bean Ladden (Pty) Ltd suffered a financial loss of R 610K in base year 2016. In 2020, Ja 2020 the company resumed its services of which the sales were 120 000 at the selling price of R 200K. The auditors revealed that the gross profit be forecasted to be 0.30 for the year. How much is cost of sales? OA Based on double entry system, all optional answers are correct. OBR18600 000 1CNone of the options is correct PR61800 000 LR 16800 000

ABC Financials revealed that Bean Ladden (Pty) Ltd suffered a financial loss of R 610K in base year 2016. In 2020, Ja 2020 the company resumed its services of which the sales were 120 000 at the selling price of R 200K. The auditors revealed that the gross profit be forecasted to be 0.30 for the year. How much is cost of sales? OA Based on double entry system, all optional answers are correct. OBR18600 000 1CNone of the options is correct PR61800 000 LR 16800 000

Name: ABC Financials revealed that Bean Ladden (Pty) Ltd suffered a financi
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: ABC Financials revealed that Bean Ladden (Pty) Ltd suffered a financial loss of R 610K in base year 2016. In 2020, Jan2020 the company resumed its services of which the sales were 120 000 at the selling price of R 200K. The auditorsrevealed that the

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

ABC Company has an outstanding receivable of P1,000,000 as of December 31, 2020. A test of collectability of the receivable showed that P700,000 is currently collectible and not impaired; P300,000 has been outstanding more than the required period for similar transaction and objective evidence showed that only P150,000 is considered realizable; the remaining receivable balance has been outstanding for 2 years and the company estimates that none of which will be realized. What amount should the account receivable is reported in the December 31, 2020 balance sheet? A. P700,000 B. P850,000 C. P800,000 D. P758,000
What is the adjusted balance of Accounts Payable on December 31,2021?
Question no. 02 (b) (07)Wilson Corporation uses an income statement approach to estimate credit losses. Its Accounts Receivable of $5,000,000 at the beginning of the period had a net realizable value of $4,225,000.During year 2019 company wrote off all of its uncollectible accounts. Of these accounts 35% were subsequently collected. Prepare the entries to record write off using allowance for doubtful account and direct write off approaches. Draft Entry to record the accounts receivable that were subsequently collected. Allowance for doubtful account is treated as an expense or as a liability in general journal. Give reasons for your answer. Moreover explain the treatment of these in balance sheet. What is the characteristic common to all current assets? Many retail stores regularly sell merchandise on installment plans, calling for payments over a period of 24 or 36 months. Do such receivables qualify as current assets? Explain.
Atlantic Company reported the following net income: Year 2021 - P 4,000,000, and year 2022 - P 5,000,000. During your audit for the year 2022, the following errors were revealed: A cash collection of P 100,000 was received from a customer on December 28, 2022 but not recorded until January 4, 2023. Received a supplier's invoice on December 29, 2022 for P 160,000 worth of merchandise also received on the same date but no entry was made until January 5, 2023. Inventories on December 31, 2021 and 2022 wee correctly stated. Depreciation for the year 2021 was understated by P 90,000. The office supplies purchased on November 10, 2022 amounting to P 20,000 was charged to purchases account. The company's accounting policy is to expense office supplies as expensed when incurred. Sales invoice dated December 30, 2022 amounting to P 300,000 was recorded only on January 3, 2023. What is the corrected net income for the year 2022? a. 3,910,000b. 5,140,000c. 4,540,000d. 5,460,000
Gross profit declined due to increase in cost in the amount of: a) P70,000 b) P88,000 c) P97,500 d) None of these.
The trial balance of ASEM MPE NIPA Ltd. for the year ended 31st December 2015 failed to agree and the difference of GH¢81,000 was debited to the suspense account. Accounts were prepared on the basis of the trial balance and showed a net profit of GH¢2,000,000.The following errors were subsequently discovered:a. The sales daybook had been overcast by GH¢9,000b. The discount allowed of GH¢61,200 correctly entered in the sales ledger had been postedto the wrong side of the discount allowed account in the nominal ledgerc. Cheques received from Ibrahim a customer amounting to GH¢18,200 was entered correctly in the cash book but has been credited to the personal account as GH¢12,800d. A credit purchase of GH¢27,000 from Ruth has not been entered on her personal account in the bought ledger.e. A credit note of GH¢12,600 for goods returned by Korkor a customer had been entered twice in the return inward book and credited twice to the personal account of the customerf. A payment of GH¢39,000 on…
Concord, Inc. had net sales in 2025 of $1,428,800. At December 31, 2025, before adjusting entries, the balances in selected accounts were Accounts Receivable $392,000 debit, and Allowance for Doubtful Accounts $4,240 credit. If Concord estimates that 9% of its receivables will prove to be uncollectible. Prepare the December 31, 2025, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.)
FDN Trading reported sales of P254,000 for the year. Prior to adjustment, Allowance for Doubtful Accounts has a balance of P534. Based on an aging of accounts receivable, the firm estimated its losses from uncollectible accounts to be P7,226. In the adjusting entry to record the estimated losses for doubtful accounts, how much should be debited to Doubtful Accounts Expense?
Upon inspection of the records of Eisenhower Company in connection to its financial statement audit for the year ended December 31, 2022, the following errors were revealed: A fire insurance premium of P 40,000 was paid and charged to insurance expense in 2021. This covers one year from April 1, 2021. Inventory at December 31, 2020 was understated by P 80,000. Inventory at December 31, 2021 was understated by P 120,000. • The year 2021 last quarter taxes amounting to P 60,000 were paid on January 19, 2022 and charged to expense account of 2022. A cash advance of P 100,000 in payment of goods to be delivered in January 2022 was received on December 15, 2021 and credited to Sales. • The gross profit on sales is 40%. The net income for the year ended December 31, 2021 before any adjustments is P 1,550,000. O 1,550,000 O 1,200,000 O 1.440,000 O 1.600,000
On December 31, 2016, Rusell estimated that 2% of its net sales of RM360,000 will become uncollectible. The company recorded this amount as an additional of Allowance for doubtful accounts. On May, 11, 2017, Rusell determined that Vetter account was uncollectible and wrote of RM1,100. On June 12, 2017, Vetter paid the amount previously written off. Required: Prepare the journal entries on December 31, 2016, May 11, 2017 and June 12, 2017.
None
How to do? 2

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS