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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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- Justine Company received the proceeds of P48,750 from discounting a P50,000, 90-day note at Metrobank. The discount rate used by the bank in computing the proceeds was* What is the effect of the errors on the working capital of 2020? Put a negative sign if the answer is overstated. Example overstated by 5000 is -5000. Bee Company's net income for 2018, 2019, and 2020 were P100,000; P145,000; and P185,000,respectively. The following items were not properly handled: a. Rent of P6,500 for 2021 was received from a lessee on December 31, 2020, and was recorded as outright income in 2020. b. Salaries payable at the end of the following years were omitted: December 31, 2017 2,500 5,500 December 31, 2018 December 31, 2019 7,500 December 31, 2020 4,700 c+ The following unused office supplies were omitted in the accounting records: December 31, 2017 3,500 December 31, 2018 6,500 December 31, 2019 3,700 December 31, 2020 7,100 Your answerThe Federal Bureau of Building Construction (BBC) receives an annual appropriation to perform construction activities. BBC does not use commitment accounting; instead, it obligates funds upon the award of contracts. Prepare budgetary and proprietary journal entries to record the following transactions: BBC received an appropriation of $2,000,000. b. The Office of Management and Budget apportioned $500,000 of the appropriation to the Department of Domestic Construction, which oversees the BBC. The Department allotted the entire $500,000 apportionment to the BBC. d. BBC awarded a building construction contract for $300,000. The contractor completed construction of the building. Because of a change order, however, the total cost of the work was $324,000. BBC accepted the work and recorded the asset and the invoice for $324,000. BBC sent a disbursement schedule to the Treasury requesting payment of the $324,000. g. Treasury notified BBC that payment was made to the contractor for $324,000.…
- 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?On 1 June 20x1, CLM received written confirmation from a local government agency that it would receive a $1 million grant towards the purchase price of a new office building. The grant becomes receivable on the date that CLM transfers the $10 million purchase price to the vendor. On 1 October 20x1 CLM paid $10 million in cash for its new office building, which is estimated to have a useful life of 50 years. By 1 December 20x1, the building was ready for use. CLM received the government grant on 1January 20x2. Required Discuss the possible accounting treatments of the above in the financial statements of CLM for the year ended 31 December 2x1.A National Government Agency has an approved appropriation for 2022 of P100,000,000. 25% of the amount was appropriation reserve and the balance was released per General Allotment Release Order (GARO) No. 2022-1. Notice of Cash Allocation of P30,000,000 was received by the agency. How much is the Subsidy from National Government to be recorded by the agency?
- at the end of the 2023 fiscal year the general fund had $500 in encumbrances that remained opened into fiscal year 2024. In 2024 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2024 expenditure?Nu Corp. agreed to give Rand Co. a machine in full settlement of a note payable to Rand. The machine's original cost was $140,000. The note's face amount was $110,000. On the date of the agreement, the note's carrying amount was $105,000, and its present value was $96,000. The machine's carrying amount was $109,000, and its fair value was $96,000. What amount of net gain (or losses) should Nu recognize? Please dont provide solution image based thanaxA Government University has RO 15000 cash on hand in an appropriated fund. The University signs a purchase order for RO 7000 to purchase new projectors and systems deliverable in three months. The purpose of writing encumbrance in the ledger is:
- A special revenue fund used to account for flood control activities has these transactions: Payroll, $4,000,000, equipment purchases, $1,000,000; maintenance costs, $2,000,000; transfers to the general fund, $200,000. The special revenue fund's total expenditures areOn 26 February 2021, Africa Traders paid its telephone expenses to the amount of R3 500 (VAT inclusive) with an electronic funds transfer. Africa Traders is a registered VAT vendor. The VAT rate is 15%. What is the VAT amount that will be recorded in the applicable journal of Africa Traders? O a. R446,25 O b. R456,52 O c. RO,00 O d. R525,00Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 24,600 dinars, accounts receivable of 81,300 dinars, and land that cost 213,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 163,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 133,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 113,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow: April 1, 2019 January 1, 2020 May 1, 2020 June 1, 2020 December 31, 2020 Positive 1 dinar $0.46 = 0.49 1 0.50 1 0.52 = 1 0.54 1 a. b. Remeasurement gain C. Translated value of land Remeasured value of land || || || a. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the dinar is…