Fill in the blanks The records of Summit Company revealed the following on November 18, 2016: Inventory, Jan 1 Purchases, Jan. 1 to Nov. 18 Sales, Jan 1 to Nov. 18 Purchase returns P100,000 1,114,000 1,150,000 40,000 Afire destroyed the inventory on November 18, 2016. The purchases include goods in transit purchased FOB shipping point and recorded at P20,000. The sales includes goods in transit sold FOB destination and recorded at P50,000. The cost of these goods is P35,000. The company maintains a gross profit rate that is the same for all goods sold Required: Compute the inventory fire loss. P

Fill in the blanks The records of Summit Company revealed the following on November 18, 2016: Inventory, Jan 1 Purchases, Jan. 1 to Nov. 18 Sales, Jan 1 to Nov. 18 Purchase returns P100,000 1,114,000 1,150,000 40,000 Afire destroyed the inventory on November 18, 2016. The purchases include goods in transit purchased FOB shipping point and recorded at P20,000. The sales includes goods in transit sold FOB destination and recorded at P50,000. The cost of these goods is P35,000. The company maintains a gross profit rate that is the same for all goods sold Required: Compute the inventory fire loss. P

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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Under the perpetual inventory system, what is the journal entry?
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P6-7A The records of Alyssa Company show the following amounts in its December 31 financial statements: 2013 2012 $850,000 650,000 500,000 526 70,000 5600 2014 $925,000 750,000 550,000 90,000 $900,000 Total assets Owner's equity Cost of goods sold 700,000 550,000 Profit 80,000 Alyssa Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2012, included $20,000 of goods held on consignment for Gillies Company. 2. The ending inventory account balance at December 31, 2013, did not include goods sold and shipped on December 30, 2013, FOB destination. The selling price of these goods was $40,000 and the cost of these goods was $32,000. The goods arrived at the destination on January 4, 2014. All purchases and sales of inventory were recorded in the correct fiscal year. Instructions (a) Calculate the correct amount for each of the following for 2014, 2013, and 2012: 1. Total assets 2. Owner's equity 3. Cost of goods sold…
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