Date 06/2019 Sarbada Transactions between Kumari and Sarbada
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- KA. On July 1, 2019, Great White North (GWN) Inc. purchased merchandise from a supplier in the U.S. for US$800,000 with terms requiring full payment by October 31, 2019. GWN has a July 31st year end. On October 31, 2019, GWN paid its supplier in full. Selected dates and spot rates are shown below: July 1, 2019 CDN $1.2150 July 31, 2019 CDN $1.2175 October 31, 2019 CDN $1.22 1) Prepare all journal entries on Settlement date. 2) Prepare all journal entries that would be prepared at year end.On July 1, 2021, A Company sold goods to a customer for P540,000 in exchange for a 4-year, 12% non-interest bearing note with a face amount of P894,697.80. The goods have a cost of P354,000. Determine the net income related the the sale of goods.Do i, ii, iii
- p15TaxationPayments to suppliers by a sole trader during the year to 31 December 2019 were sh.486,780 after taking The balances of trade payables were as follows As at 30th Sept Trade payables Select one: What is the amount of credit purchases for the year ended 31 December 2019? Sh. 546 858 O Sh. 498.180. Sh. 521,800 2018 sh.54.500 Sh. 503, 304 2019 sh:65.900
- NoneNoneCompany Zumba delivers goods to Customer Yuppie on 1 January 2018. The agreement between the two parties states that Customer Yuppie pays for the goods in two instalments, the first (£10,000) being paid on delivery and the second (£5,000) being paid in three years from the delivery date. The goods are transferred to the control of Customer Yuppie at the date of delivery. REQUIRED i) Present the journal entries for Zumba at the delivery date. (Assume that Company Zumba determines that the discount rate for imputing interest to the transaction is 10%.) ii) Present the journal entries for Zumba on 31 December 2018. iii) Present the journal entries for Zumba at the delivery date if the control of the asset has not been transferred at the date of delivery. Assume 10% as the discount rate, if necessary.
- A.1,575,000 B.1,455,000 C.1,470,000 D.1,530,000Problem 5-20 (AICPA Adapted) Sky Company provided the following information at year-end: 2020 2019 Accounts receivable Allowance for doubtful accounts Allowance for sales returns 880,000 ( 10,000) ( 20,000) 800,000 ( 15,000) ( 25,000) Net realizable value 850,000 760,000 The entity reported doubtful accounts expense in 2020 of P30,000 and had products returned for credits totaling P15,000 at sale price. Gross sales for 2020 amounted to P6,150,000. 4. What anmount was reported as net sales for 2020? a. 6,150,000 b. 6,140,000 c. 6,100,000 d. 6,135,000Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of £100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2019, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2019. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc.?
