Answer of Merchandising Business Gill 4G1lll 0.4K/s10:22 AM7 63%[Template] AS. o7. Paid freight on purchases ofMerchandise, P 5,000.8. Paid freight on sale ofMerchandise, P 5,000.9. Bought merchandise for cash andReceived a 5% trade discount,P 20,000.10. Sold Merchandise for cash andGave a 2% trade discount,P 50,000.C. The following selected account balances were taken from the records of AlexAjoc, the owner of Surigao Hardware & Construction Supply for the month ofDecember 20A. (VAT of 12 % is billed separately.)PurchasesP710,0005,00020,0001,020,0008,00025,000Purchase Returns & AllowancesPurchase DiscountsSalesSales Returns &AllowancesSales DiscountsRequired:1. Compute the input tax_2. Compute the output tax3. Compute the VAT Payable4. Entry to close the Input and Output Tax5. Entry to remit VAT Payable to Bureau of Internal RevenueD. The following selected account balances were taken from the records of J.Gucela Company, for the month of January 20B. (VAT of 12% is billedseparately).PurchasesPurchase Returns & AllowancesP100,00010,000Purchase Discounts5,00080,0006,0007,000SalesSales Returns and AllowancesSales Discounts Gill 4Gilll| 0.1K/s10:23 AM63%+ [Template] AS...Required:1. Compute the Input Tax2. Compute the Output Tax3. Compute the Prepaid Tax4. Entry to close the Output Tax to Input Tax5. Where do we show the Prepaid Tax in the Financial Statements?E. On June 1, 2020, Eleno Buray Forest Products sold merchandise with aCashReceivedP120,000 list price.SalesCredit Terms2/10, n/301/10, n/302/10, n/301/15, n/30n/30Date PaidJune 8June 15June 11June 14June 28Trade Discount30%Amounta.b.40%с.d.20%40%Required: For each of the sales terms, determine the following:1. The amount recorded as a sale.2. The amount of cash received.F. Renz Aguhob Fireworks engaged in the following purchase transactions duringthe month. The entity observes the policy that all returns are made one day afterthe goods are received, and that all purchases are paid within the discount period.PurchaseFreight Returns & Credit TradeCashList Price FOB Terms Charges Allowances Terms Discount PaymentP224,000 Shipping pt. P4,000 P 21,000 2/10,n/30126,000 Destination90,000 Shipping pt.41,000 Shipping pt.357,000 DestinationRequired:Using the table above, calculate the amount needed to settle each purchase.30%9,0002,0001,00014,0001/10,n/30 20%7,000 2/10,n/309,00024,000 3/10,n/30 20%n/3025%G. The following information pertains to the Leopoldo Valdez School Chairs:P 172,0001,200,0001,900,0004,300,000129,000Transportation InMerchandise Inventory, 1/1/2020Merchandise Inventory, 12/31/2020PurchasesPurchase Returns and AllowancesPurchase Discounts215,000Required: Prepare the cost of goods sold section of the income statement for theyear ended Dec. 31, 2020.

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C. The following selected account balances were taken from the records of Alex Ajoc, the owner of Surigao Hardware & Construction Supply for the month of December 20A. (VAT of 12 % is billed separately.) Purchases Purchase Returns & Allowances P710,000 5,000 20,000 1,020,000 8,000 25,000 Purchase Discounts Sales Sales Returns &Allowances Sales Discounts Required: 1. Compute the input tax 2. Compute the output tax 3. Compute the VAT Payable 4. Entry to close the Input and Output Tax 5. Entry to remit VAT Payable to Bureau of Internal Revenue

C. The following selected account balances were taken from the records of Alex Ajoc, the owner of Surigao Hardware & Construction Supply for the month of December 20A. (VAT of 12 % is billed separately.) Purchases Purchase Returns & Allowances P710,000 5,000 20,000 1,020,000 8,000 25,000 Purchase Discounts Sales Sales Returns &Allowances Sales Discounts Required: 1. Compute the input tax 2. Compute the output tax 3. Compute the VAT Payable 4. Entry to close the Input and Output Tax 5. Entry to remit VAT Payable to Bureau of Internal Revenue

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

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