• Goods purchased for sale totaled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. • l-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. • P40,000 total interest income from customers' promissory notes earned. P30,000 of this was collected. • Unrealized foreign exchange gains from foreign currency receivables totaled P60,000 Using accrual basis, compute for the total income subject to income tax.

• Goods purchased for sale totaled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. • l-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. • P40,000 total interest income from customers' promissory notes earned. P30,000 of this was collected. • Unrealized foreign exchange gains from foreign currency receivables totaled P60,000 Using accrual basis, compute for the total income subject to income tax.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Solve this balance sheet by horizental analysis :
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
The beginning and ending balances in cach of the balance sheet accounts of the Mexieо Соmpany aгe яs follows: Dec. 31, 2019 P260,000 180,000 400,000 50,000 P890,000 P1,200,000 1,000,000 Dec. 31, 2020 (ash P100,000 Accounts recivable 360,000 Inventory Prepaid insurance Total current assets 460,000 30,000 P950,000 P1.500,000 Land Plant & equipment Accumulated depreciation 1,400.000 (400,000) P1,800,000 (500,000) P2,400,000 Total non-current assets Total assets P2,690,000 Р3,350.000 P 300,000 200,000 P 260.060 132.000 Accounts payable Accrued operating expenses Interest payable Income taxes payabie Tota! current liabilities Bonds payable 30,000 20,000 122,000 P 642,000 600,000 800,000 648,000 150.000 P 572.600 700,000 1,100,000 Common stock Retained earnings 978,005 Total liabilities & equity P2,690,000 P3,350,000 ===== =====H= The forccast income stateinent for the Mexico Company for 2020 is presented helow: Sales P2,500,000 LJ00,000 PI,100,000 Cost of sales Gross profit Operating…
Cornerstone Development Company’s balance sheet information at the end of 2019 and 2020 is provided in random order, as follows: Fill in the blanks lettered (a)through (p). All of the necessary information is provided. ( Hint: It is not necessary to calculate your answers in alphabetical order.)
State the effect the following situation would have on the amount of annual net income reported for 2019. No adjustment was made for the revenue earned previously recorded as unearned revenue for USD 6,000 as of 2019 December 31. Group of answer choices Net income is overstated, liabilities are understated Net income is understated, assets are overstated Net income is overstated, assets are overstated Net income is understated, liabilities are overstated
co de Y- D E F G H 1 K 18. Platypus Ltd exports goods to Harlom Inc. All sales contracts are denominated in US dollars. Sales of US$5 million are made on 1 May 2022, FOB Sydney. The amount is due for payment by Harlom Inc. on 1 September 2022. Platypus Ltd's reporting date is 30 June. Additional information Date Spot rate 1 May 2022 A$1.00 US$0.84 30 June 2022 A$1.00 US$0.85 1 September 2022 A$1.00 = US$0.86 REQUIRED Prepare the journal entries for Platypus Ltd to account for the above transaction. LO 30.2, 30.3, 30.5 Sheet1
From the following information calculate the loss on holding the monetary assets. Jan 2020 Dec. 2020 Current Assets OMR 25,000 OMR 37,000 Current liabilities OMR 30,000 OMR 40,000 Retail price index No. 200 300 Average for the year 240 a. OMR 15,500 b. Insufficient data C. OMR 15,600 OMR 25,000
H2.
Please break down the forumula and where you got the information to put in EACH part of calculation. 2021: ($162,000 x 8/36 x 3/12)2022: ($153,000 x 8/36 x 9/12+($153,000-($153,000 x 8/36 x 9/12) x 7/36 x 3/12)2023: ($121,302.08 x 7/36 x 9/12+($121,302.08-($121,302.08 x 7/36 x 9/12) x 6/36 x 3/12) Step by step because it is unclear. Why is there 9/12 and 3/12. And 2021 has 8/36 in the first half.2022 has 8/36 there as well in the first half, then it in 2023, it changes to 7/36. Please explain
The following information relates to Roland Limited as at 30 June 2023: 0.14:1 The quick ratio is: Select the one correct answer: 9:1 2:1 Total current assets Total assets Current liabilities Total liabilities O 14:1 Inventories Prepayments $'000s 2,200 10,000 1,100 2,400 2,000 45
What is the adjusting journal entry on December 31, 2019? Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000 Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000 Debit Retained Earnings, P100,000; Credit Financial Asset FVPL, P100,000 Debit Retained Earnings, P300,000; Credit Unrealized Gain (P&L), P300,000 Debit Retained Earnings, P200,000; Credit Unrealized Holding Gain/Loss (P&L), P200,000 None of the choices