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An amount of 1,000,000 dinars was spent for the purchase of laboratory supplies under the instrument No. 890 on 20/8
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- 4On May 3, 2020, Vaughn Company consigned 90freezers, costing $470each, to Remmers Company. The cost of shipping the freezers amounted to $870and was paid by Vaughn Company. On December 30, 2020, a report was received from the consignee, indicating that45freezers had been sold for $750each. Remittance was made by the consignee for the amount due after deducting a commission of6%, advertising of $180, and total installation costs of $310on the freezers sold. (Round answers to O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $ (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $On January 28, 2021, Chang Pharmaceuticals sold medicines to the Department of Health for P700,000. These medicines were previously purchased from a supplier for P448,000 (VAT-inclusive). Here Please note that VAT Percentage in Philippines was 12% in this regard in the calculation of the VAT Payable in this regard as well. Expenses which are related to VAT registration is eligible for the deduction in the total VAT Payable calculation as well. Statement One. The VAT payable is P1,000. Statement Two. The standard input VAT (SIV) on sales to government is zero. Under TRAIN Law, SIV is no longer applicable. Statement Three. The VAT withheld by the Department of Health is P35,000. Statement Four. The VAT payable before the 5% creditable input tax is P36,000. How many of the abovementioned statements are correct?
- Assume us government's issues 170,000,000 treasury bill for settlement of citizen's claims. So which of financial asset characters the above statement is?a, currency b,money ness c, term to maturity d, convertibilityA Florida seller sold his property for $55,000, with the closing date set for may 18. the property is assessed for$50,400, with country taxes at rate of 18 mills and city taxes at 12 mills. Based upon 12 equal months of 30 days each, and the day of closing belonging to the seller, how much of the combined taxes will be credited to the buyer? A. 554.40 B. 579.60 C.453.60 D. 705.608. Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?
- On December 15, 2001, star glass Co. entered into a 30-day forward contract to buy 10,000 yens at the forward rate of 1.50. 0n December 31, 2001, the forward rate was 1.25 and january 15,2002, the spot rate moved to 1.60. Provide the journal entries under each of the following scenarios: (a) the contract is settled by the actual purchase of yens; and (b) the contract is settled through net cash payment.5. Crest Corporation established its Poblacion branch in 2019. Merchandise costing P120,000 is shipped to this branch. During the initial year, the home office acquires an equipment for P80,000 to be carried in the branch books, and the branch maintains physical possession and use. The equipment has a useful life of 4 years. The branch sells 60 percent of the inventory for P100,800 on account and subsequently collected half of the amount. The branch remits 80 percent in cash to the Home Office. What is the correct Home Office account balance on the records of the branch? *58 Cake Corporation (CC), at the start of its fiscal year, received a Php21,001,400 subsidy from Ph Government to purchase equipment on March 31, 2020. The equipment cost is Php35,700,180 which is equally allocable within eight years with residual value of 6,957,820. The year generated Php8,603,900 revenue with corresponding salaries and administrative expenses of 5,481,345. If CC credited deferred revenue for the subsidy and amortize the grant venue over the equipment life, how much would be the net income at the end of its fiscal year operation?
- The following data applies to Anie Company’s purchase of 60,000 Belgium francs under a forward contract datedNovember 30, 2021, for delivery on March 1, 2022:11/30/2021 12/31/2021 03/01/2022Spot rates 55.75 53.90 54.5030-day forward rate 51.30 56.15 53.2060-day forward rate 57.65 52.30 55.7590-day forward rate 54.25 55.45 52.10Anie Company entered into the forward contract to speculate in the foreign currency. In its Income Statement for the yearended December 31, 2021, what amount of loss should the company report from this forward contract?3. Erika Company operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2020, the entity issued 50,000 award credits and expects that 80% of these award credits shall be redeemed. The stand-alone selling price of the award credits granted is reliably measured at P1,000,000. In 2020, the entity sold goods to customers for a total consideration of P7,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows: Redeemed Expected to be Redeemed 2020 15,000 80% 2021 7,950 85% 2022 2,550 85% 2023 15,000 90% Required: Prepare journal entries from 2020 to 2023.Kk.303.
