a. OMR 80,000b. OMR 42,000O c. OMR 40,000O d. OMR 10,500 The following information relating to Mahira LLC, for the year ended 31st December 2020 is provided to youand you are requested to calculate purchases for the year ending 2020under CPP method.DetailsOMRNet monetary assets on 1st January 20205,000Net monetary assets as on 31st December 202035,000Transactions for the year are as given belowCash Sales40,000Credit Sales50,000Credit Purchases35,000Wages10,000Other operating expenses5,000Interest paid10,000General Price Index on 1st January 2020 = 100General Price Index on 31st December 2020 = 150Average Index for the year 2020 = 125

Financial statements are prepared on the basis of the historical cost concept. Under the current…

Answered: "he following information relating to…

"he following information relating to Mahira LLC, for the year ended 31st December 2020 is provided to you d vou are requested to calculate purchases for the vear ending 2020under CPP method

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Corrs Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below. 00Cost00 Lower-of-Cost-or-Market 12/31/19 $356,000 $327,00000000 12/31/20 420,000 395,00000000 Instructions a. Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. b. Prepare journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market under a perpetual system (loss method is used). c. Which of the two methods above provides the higher net income in each year?
The management of Mark Brothers Company has engaged you to assist in the preparation of year-end (December 31) financial statements. You are told that on November 30, the correct inventory level was 150,000 units. A review of the December 31 purchase orders to various suppliers, none of these have been recorded as of December 31, 2020, shows the following: DATE P.O. 12/02/2020 01/03/2021 12/11/2020 01/03/2021 12/13/2020 01/02/2021 12/23/2020 12/26/2020 12/28/2020 01/10/2021 12/31/2020 01/10/2021 Quantity in DATE Shipped Received 10,000 01/02/2021 01/03/2021 FOB Shipping Point 8,000 12/22/2020 12/24/2020 FOB Destination 13,000 12/28/2020 01/02/2021 FOB Shipping Point 12,000 01/02/2021 01/03/2021 FOB Shipping Point 10,000 12/31/2020 01/05/2021 FOB Destination 15,000 01/03/2021 01/06/2021 FOB Destination Invoice Units Terms Kevin Company uses the Passing of legal title" for inventory recognition. During the month of December, recorded sales (at P 100.00 per unit) totaled 50,000 units…
1. The following balances have been extracted from the books of ABC Co.Ltd on 31 March 2022. From them draw up (i) a detailed statement of profit or loss for internal use, for the year ending 31 March 2022, also (ii) a statement of profit or loss for publication for the year to that date. Purchases Revenue Returns inwards Returns outwards Discounts allowed Discounts received Inventory 1 April 2021 Wages and salaries: Sales and distribution Wages and salaries: Administrative Motor expenses: Sales and distribution Motor expenses: Administrative General distribution expenses General administrative expenses Rent and business rates (see Note (c)) Directors' remuneration Retained profits 1 April 2021 Advertising Bad debts Hire of plant and machinery (see Note (b)) Motor vehicles at cost: Sales and distribution Motor vehicles at cost: Administrative Loan-note interest payable Income from shares in group Preference dividend paid Ordinary dividend paid Notes: entities Amount in £ (a) Inventory…
Current At Bonita Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: Cost Lower-of-Cost-or-Market 12/31/19 $335,230 $314,700 12/31/20 408,990 392,590 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit 12/31/19 12/31/20 (b) Prepare journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market under a perpetual system (loss method is used). (Credit account titles are automatically indented when…
Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Unit Quantity (unit) Total Cost 13 Jan 10 Apr 21 Jul 18 Aug | 23 Oct 11 Nov Beginning inventory Purchases Purchases Sales Purchases Sales $6,000 $4,800 S12,000 60 S100 40 S120 100 S120 80 S110 S17,600 160 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (i) Cost of Goods Sold for the year ended 31 December 2019. (ii) the cost of Ending Inventory as at 31 December 2019.
An entity have two items that are under evaluation for possible year end adjustments . (1) Purchase with supplier invoice dated Dec. 30, 2020 P120,000 . This was shipped FOB shipping point , freight prepaid . Freight costs P5,000 . The purchase was recorded but the freight was not. ( 2) A purchase return of P20,000 was made but not recorded. If the correct ending inventory is P200,000 and the cost of goods sold before adjustments is P5,000,000, what is the correct cost of goods available for sale?
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Can you kindly assist on attached. Following subsidiary journals for Clivia Traders for February 2020: - Cashbook payments - Cashbook receipts
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Ee.73
rescue sequences llc purchased inventory by issuing a $45,000, 10%, 60-day note on october 1, 2019. what amount of interest expense should be recorded for 2019?
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