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- At the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.On December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a 12 % creditable input VAT entry was made on the date of purchase . The same was paid on December 31, 2019 and the former accountant debited Office Equipment and credited Cash for 400, 000 What is the correct initial carrying amount of the PPE?Rita is keen to grow her business and provided some information on two transactlons that she undertook during the year. The first was the purchase of an individual asset for the business called a Techpager. wwym ww The initial cost of the machine itself was $32,000 with several extra required fees and charges. Rita also decided to include a number of optional extras in the purchase. Installation of Techpager $1500 Transportation and Shipping Costs $600 Extended Warranty/Service Program $300 per year. This is an optional service offered by the company that covers all maintenance and repairs costs and is paid annually in advance Sorting and Stapling Unit $1200 (required to allow Rita to produce the booklets for her business) Custom Painting $400 (Rita does not need to have this done but has decided she wants the machine to match her office décor) Insurance $500 per year payable in advance Prepare a general Journal entry to record the individual of the purchase business called Techpager.
- Kindly answer in good accounting form. Thank you!Chester Corporation established its Poblacion branch in 2019.Merchandise costing P120,000 is shipped to this branch. During the initialyear, the home office acquires an equipment for P80,000 to be carried inthe branch books, and the branch maintains physical possession and use.The equipment has a useful life of 4 years. The branch sells 60 percent ofthe inventory for P100,800 on account and subsequently collected half ofthe amount. The branch remits 80 percent in cash to the Home Office.What is the correct Home Office account balance on the records of thebranch?Bygone Company manufactures and sells computers. On January 1, 2021, the entity sold a computer costing P400,000 for P600,000. The buyer signed a noninterest bearing note for P600,000 payable in three equal installments every December 31. The cash selling price of the computer is P540,000. Required:Prepare journal entries for the current year.PLEASE ANSWER IT ALL AND I WILL RATE AS HELPFUL. THANK YOU! Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Dynasty Company recognizes the unearned revenue as realized. Information for 2019 is as follows: Unearned Revenue, January 1, 2019 P650,000; Gift certificates sold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificates unredeemed for a long time P100,000; Cost of Goods Sold 60%. What amount should be reported as Unearned Revenue on December 31, 2019, following the ruling by the Department of Trade and Industry that gift certificates no longer have an expiration period? Long Live Company entered into a lease agreement for the use of a new machine on January 1, 2020. The lease agreement requires an annual payment of P1,500,000 for five years starting December 31, 2020. Long Live guaranteed a residual value of P711,090 at the end of the contract. The machine will revert to the lessor at the end of five years.…
- Lancelot is a dealer of household appliances. He reported the following in 2019 and 2020: 2019 2020 Installment sales P500,000 P800,000 Cost of installment sales 250,000 440,000 Collections 300,000 600,000 Lance’s 2020 collection is inclusive of P100,000 accounts from 2019. Using the accrual basis of accounting compute Lancelot’s gross income subject to income tax in 2020. P360,000 P275,000 P320,000 P250,0001. Miguel provided the following data on the sale of her personal property sold in 2019 held by her for 15 months. COST P225,000 Mortgage assumed by buyer 270,000 Installment Collection: 2019 67,500 2020 67,500 2021 45,000 REQUIREMENT: Compute for the below: a. Selling Price b. Contract Price c. Initial Payments d. Income subject to income tax in 2019, 2020, 20211. IRIS Department Store sells gift certificates that are redeemable only when the merchandise is purchased from its stores. It is the company’s policy to recognize the amount redeemed as realized. During 2019, ABC Department Store sold gift certificates amounting to P1,800,000 and redeemed gift certificates worth P1,560,000. Gift certificates outstanding at January 1, 2019, is P520,000. The company’s gross profit rate is 40%. What is the liability for outstanding gift certificates at December 31, 2019? 2. On January 1, 2020, HEYO Company issued P 10,000,000 convertible bonds with a stated rate of 12% at 110. The principal of the bonds is payable on December 31, 2024. Interest on the bonds is payable annually starting December 31, 2020. Each P 5,000 bond is convertible into 20 ordinary shares of P 50 par. Without the bond conversion privilege, the bonds would have sold to yield 10%. On December 31, 2021, after paying periodic interests, half of the bonds issued were converted to…
- Dynasty Company sells gift certificates redeemable only whenmerchandise is purchased. Upon redemption, Dynasty Companyrecognizes the unearned revenue as realized. Information for 2019 is asfollows: Unearned Revenue, January 1, 2019 P650,000; Gift certificatessold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificatesunredeemed for a long time P100,000; Cost of Goods Sold 60%. Whatamount should be reported as Unearned Revenue on December 31, 2019,following the ruling by the Department of Trade and Industry that giftcertificates no longer have an expiration period?In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which costs P800,000 for P1,200,000, inclusive or under the following terms: July 1, 2020-as down payment P100,000 Monthly installment thereafter 50,000 Mr. Marangley will choose whichever favourable permissible income reporting method for him. How much gross income is to be reported in 2020? P400,000 P116,667 P250,000 P108,219 add explanation plsIn 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which costs P800,000 for P1,200,000, inclusive or under the following terms: July 1, 2020-as down payment P100,000 Monthly installment thereafter 50,000 Mr. Marangley will choose whichever favourable permissible income reporting method for him. How much gross income is to be reported in 2020? P400,000 P116,667 P250,000 P108,219
