Harp Beauty Shop pays salaries for the first half every 10th days of the succeeding month. The salaries for the second half of December 2019 amounted to 35,000?
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Harp Beauty Shop pays salaries for the first half every 10th days of the succeeding month. The salaries for the second half of December 2019 amounted to 35,000?
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- How much is the gross profit realized in 2019? A. P1,600,000 B. P1,350,000 C. P500,000 D. P250,000SALLAT Household Furnishings & Appliances is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following: i) Extracts from the sales and purchases budgets are as follows: Cash Sales Cash Purchases Month Sales On Account Purchases On Account May June $75,000 $135,000 $480,000 $600,000 $390,000 $360,000 July August | September $86,800 $105,600 $112,500 $36,000 $61,700 $68,800 $77,250 $720,000 $640,000 $800,000 $450,000 $400,000 $500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90: 50% in the month of sale 35% in the first month following the sale 15% in the second month following the sale Accounts Payable are settled as follows, in accordance with the…You work for XYZ Ltd. It sells gift cards. For the month of June 2023, total gift card sales were $10,000. 30% of gift cards were used during the month of July. What are the entries in June and July?
- On December 1, XYZ Limited introduces a new product that includes a one-year warranty on parts. In November, 1000 units are sold. Management believes that 15% of the units will be defective and that the average warranty costs will be $50 per unit. Prepare the adjusting entry at November 30 to accrue the estimated warranty cost.Samgyupsalamat mployees are given 10% commissions based on sales made every quarter starting January 1, 2019. The commission will be 15 days after the close of the quarter. As of December 31, 2019, the company paid a total of P1,500,000 and the total expense is P2,600,000. If the sales were in the 1st quarter is 25% less than the 2nd quarter and the 3rd quarter is P120,000 higher than the 2nd quarter, how much is the commission expense recognized in the 1st, 2nd, 3rd and 4th quarter, respectively?Golf Pro Publications publishes a golf magazine for women. The magazine sells for $3 a copy on the newsstand. Yearly subscriptions to the magazine cost $24 per year (12 issues). During December 2020, Golf Pro Publications sells 12,000 copies of the golf magazine at newsstands and receives payment for 25,000 subscriptions for 2021. Financial statements are prepared monthly. Prepare the December 2020 journal entries to record the newsstand sales and subscriptions received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record the sale of magazines) (To record the amount of subscriptions received) Debit Credit
- Moon Co. sells food blenders. During 2019, Moon made 37,000 blenders at an average cost of $80. It sold out 25,000 food blenders at an average price of $130. Moon provides a 2-year warranty for each blender sold and estimates 9% of blenders will be returned for warranty with an estimated cost of $36 each. By the end of 2019, Moon has spent $44,000 servicing the warranty repairs. All the above transactions have been settled in cash. During 2019, Moon has 50 employees who work 5-day per week and get paid each other Friday. Salaries of $324,000 and payroll expense of $37,000 have been paid until December 22. Since the business grows quickly, Moon needs cash to expand. By the end of 2018, the Board of Directors authorized the management to issue 10-year bonds with a par value of $3,000,000, annual contract interest rate of 8% and semi-annual interest payments. Moon chose to use the straight-line method to amortize discount or premium on its bonds. On January 1, 2019, management issued…On January 1, 2020, Carly Fashions Inc. enters into a contract with a regional retail company to provide 500 blouses for $20,000 over the next 10 months. On September 1, 2020, after 400 of the blouses had been delivered (50 blouses per month), the contract is modified. Required: a. Fifty blouses were delivered each month for the first 8 months of 2020. Prepare Carly Fashions’s monthly journal entry to record revenue. For grading purposes use August 31 to date the entry that would be made each month. b. Assume that the contract is modified on September 1 to sell, once the original 500 blouses are delivered, an additional 100 blouses at $35 per blouse, which is the stand-alone selling price on October 1, 2020. The additional blouses are to be delivered in November. Prepare the November journal entry to record the contract modification. For grading purposes use November 30 to date the entry. c. Assume instead that the contract is modified on September 1 to alter the price of the…p39
- On September 30, 2019, STONE REACH Co., Inc. was awarded the contract to build a 1,000 room hotel for P24,000,00O0. Among others, the parties agreed to the following:1.Ten percent mobilization fee (deductible from "final billing") payable within ten days from the signing of the contract.2.Retention of ten per cent on all billings (to be paid with the final billing, upon completion and acceptance of the project); and 3.Progress billings are to be paid within 2 weeks upon acceptance. By the end of 2019, the company had presented one progress billing, corresponding to 10% completion, which was evaluated and accepted by the client on December 29, 2019 for payment in January of the next year. In 2019, assuming use of the percentage-of-completion method of accounting STONE REACH Co., Inc. received a total fee ofp57On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of principal will be included in the first annual payment?
