Elna Company provided the following information for 200B: Sales 3,000,000 Purchases 1,900,000 Distribution and Administrative Expenses 600,000 Income tax 75,000 Cash 450,000 Accounts receivable 600,000 Accounts payable 250,000 Net monetary assets, December 31, 200A, as restated is P120,000. Prices rose evenh and index numbers expressing the general price level change were: December 31, 200A 140 December 31, 200B 160 What is the restated net monetary assets as of December 31, 20OB?

Elna Company provided the following information for 200B: Sales 3,000,000 Purchases 1,900,000 Distribution and Administrative Expenses 600,000 Income tax 75,000 Cash 450,000 Accounts receivable 600,000 Accounts payable 250,000 Net monetary assets, December 31, 200A, as restated is P120,000. Prices rose evenh and index numbers expressing the general price level change were: December 31, 200A 140 December 31, 200B 160 What is the restated net monetary assets as of December 31, 20OB?

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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Question: 131 Mercer, Inc. had the following sales for the past six months. Mercer collects its credit sales 30% in the month of sale, 60% one month after the sale, and 10% two months after the sale. Cash Sales Credit Sales January $ 40,000 $ 60,000 February $ 50,000 $ 90,000 March $ 35,000 $ 80,000 April $ 40,000 $ 1,00,000 May $ 60,000 $ 1,20,000 $ 70,000 $ 1,40,000 June What are Mercer's total cash receipts for the month of March? a. $119,000 b. $115,000 c. $141,000 d. $129,000
A 52. Subject:- finance
Archer Industries prepares quarterly financial statements. During the fourth quarter the following occurred: Purchases: Quantity 9,000 units* 21,000 units 24,000 units 10,000 units 64,000 units Unit Value Total Value $ 54,000 168,000 240,000 160,000 $622,000 $6/u $8/u Oct. 1. Oct. 10 Nov. 20 $10/u Dec. 30 $16/u Available *Beginning Inventory Sales: Unit Value Quantity 11,000 units 10,000 units 31,000 units 52,000 units Total Value Oct. 18 Nov. 12 Dec. 21 Units Sold 18/u $198,000 200,000| 775,000 $1,173,000 20/u 25/u The tax Selling and administrative expenses for the period were $359, 000. rate is 30 percent. A. Calculate the value of ending inventory, the cost of goods sold, and determine reported income (after taxes) under the LIFO periodic method: Optional Work Space For Calculations Ending Inventory Cost of Goods Sold Net Income After Taxes B. If the company had been on the FIFO method, how much more or less would it have paid in income taxes? C. Determine the maximum amount Archer…
Subject: acounting
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