gkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped the goods on December 31, 2021. Jungkook Co. received the goods on January 2, 2022 and settled the account on January 5, 2022. How much is the capitalizable cost of the inventory purchased if the terms of the shipment are FOB shipping point, freight prepaid? A. 0 B. 2,950 C. 3,050

Q: If the Cost of Sales for the year 2023 is $104,914 and nventories Balance: $18,885 in Year 2023 and…

A: The cash flow from operating activities include the cash flow from various activities during the…

Q: trail balance not include O revenue. cost of goods sold. O Ending inventory. fright-in account.

A: I am answering the first 3 parts as per bartleby guidelines. Please re-submit the remaining…

Q: On June 3, 2020, Nash Company sold to Ann Mount merchandise having a sales price of $7,200 (cost…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: On June 1, 2022, FDN Company sold merchandise to ABC Trading worth P40,000 with credit term of 2/10,…

A: The 2/10 n/30 is a term that is used by the company to calculate the amount of the discount under…

Q: JAT is finalizing the ending inventory balance. The following information has been collected: a. The…

A: The notes relating to calculations are as below- a. The amount to report exclusive of discount as…

Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 12/31/19…

A: The cost of goods sold refers to the cost of purchase or manufacturing of the goods which have been…

Q: FDN Trading uses periodic inventory system. On November 15, 2021, FDN sol merchandise to Rossi…

A: solution given in the question on November 15,2021 sales made         =118000 credit terms 3/10…

Q: Q2) Masader Co. purchased merchandise on March 4, 2018, at a price of OR30,000, subject to credit…

A: In net method of recording purchases, purchases are recorded net of discount. If the payment is not…

Q: g. Sold 15 of the items purchased (in f) for $120 each and amount in cash. Record the sales…

A: Under perpetual inventory system for sale of inventory there are two separate entries first for…

Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…

A: Cost of sales is the total purchase  value of goods sold

Q: What amount should be reported as inventory on December 31, 2021? Fundador Company reported that…

A:

Q: On June 3, 2022, Marigold Company sold to Ann Mount merchandise having a sales price of $7,600 (cost…

A: Lets understand the basics.Journal entry is required to make to record tranaction and event happen…

Q: Global Entity is a retailer situated in Windhoek that sells various products. On 12 December 2021,…

A: Lets understand the basics. As per balance sheet equation or accounting equation, total assets are…

Q: On June 15, 2022,  Robinson Company received a shipment of merchandise from Taytay Company with a…

A: Solution Working note- Calculation of Inventory- Stock in hand (70000*20%) 14000 Add…

Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…

A: Purchaes = Ending Account balance + Amount paid - Beginning Account balance = P750,000 + P4,900,000…

Q: On December 15, 2022, LYCHEE Company purchased goods costing  ₱ 100,000. The terms were FOB shipping…

A: FOB SHIPPING POINTS In FOB Shipping Points, When the Goods are Shipped to the Buyer then Ownership…

Q: On June 16, 2021, Emily Corporation sold merchandise to Franz Company for P6,000, terms 2/10, n/30.…

A: Periodic inventory system is one of the inventory systems in which all transactions related to…

Q: On December 15, 2019, Flanagan purchased goods costing $100,000. The terms were FOB shippingpoint.…

A: Inventoriable costs includes all costs necesssary to prepare product for sale. For a selling…

Q: JELLY'S BEAN uses the perpetual inventory method. On May 1, it purchased ₱20,000 of inventory, terms…

A: Credit term 2/10, n/30 means if payment is done within 10 days from the date of invoice a discount…

Q: On June 16, 2021, Emily Corporation sold merchandise to Franz Company for P6,000, terms 2/10, n/30.…

A: The journal entries are prepared to record day to day transactions of the business.

Q: On July 2, 2021, Metlock Company sold to Sue Black merchandise having a sales price of $12,000 (cost…

A: Journal entries are the entries recorded in the accounting books of the business for all the…

Q: On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT…

A: The company makes cash sales and sales on account. The accounts receivable represents the amount due…

Q: A business A uses periodic inventory system. On Nov 15, 2021, the business A sold merchandise to…

A: Solution: It is assumed that company is using gross method of accounting for purchase and sales.

Q: EONY Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30.…

A: Formula: Net purchases = Purchase invoice - Purchase discount + Freight.

Q: On May 4, 2022, Beetle Company purchased merchandise worth $32,000 on credit from Meadow, Inc.,…

A: Free on board" refers to who is responsible for things that are damaged or destroyed during…

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A: Cost of goods sold is the total cost of producing the goods sold. The difference between sales and…

Q: The acquisition of goods with an invoice price of $10,000 is subject to the following terms: 2/10,…

A: Here is the answer :

Q: n/90, FOB Happy Sales. The cost of the goods to Happy was $25,000. Wilson paid $2,000 to Express…

A: Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…

Q: Whispering Winds Corp. purchased merchandise inventory with an invoice price of $11700 and credit…

A: The inventory purchased on credit is recorded as purchases against account payable.

Q: Belpre, Inc. owes $90,000 to William's Drones Co. for inventory acquired with terms of 3/15, n/30.…

A: Given: - Purchase price= $90,000 Purchase Discount= 3%

Q: 825.000 1.050 000 1.400 000

A: In the lower of cost and net realizable value which can be treated in the inventory price…

Q: On May 11, 2023, Wilson Purchasing purchased $24,000 of merchandise from Happy Sales; terms 3/10,…

A: terms 3/10, n/90 it means if amount is paid within 10 days then 3 % discount is given and if amount…

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Invoice Price = 22,000 Credit Terms = 1/10,n/15 1% discount will be Provided if payment has made…

Q: FDN Trading purchased an item with a catalogue price of P65,000. The invoice c November 1, 2021…

A: Solution: Under FOB shipping terms, freight is to be borne by buyer. Also Final amount to be paid is…