In June 2022, Gold Tempo Retailers sold refundable merchandise coupons. Gold Tempo received P10 for each coupon redeemable from July 1 to December 31, 2022 for merchandise with a retail price of P11. At June 30, 2022, how should Gold Tempo report these coupon transactions? A. Unearned revenues at the merchandise’s retail price B. Unearned revenues at the amount of cash received C. Revenues at the merchandise’s retail price D. Revenues at the amount of cash received

Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…

A: 1. Gross profit                         Amount $ Sales Sales…

Q: For the year ended December​ 31, 2025, Davidson Mart had sales of $250,000 and cost of goods sold of…

A: Merchandise refers to the stock that the company held for resale purpose or the goods that is not…

Q: On November 2, 2022, Swifty Company has cash sales of $6050 from merchandise having a cost of $3600.…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Q1. On October 30, 2018, Muscat Co. purchased OR 18,000 of merchandise inventory on a seven months,…

A: As you posted Multiple questions as per our guidelines  we are answering only First question. Kindly…

Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…

A: Payment terms with  4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…

Q: Cheyenne Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of…

A: The net method in sales refers to the practice of deducting any sales discounts offered to customers…

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A: The gross method under the perpetual inventory system is the way of recording the inventory which…

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

Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…

A: Income statement: When all the costs and expenses are subtracted one by one from the sale, then if…

Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…

A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/

Q: credit of P2,800 to Sales.

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A:

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A: Solution:- a) Calculation of Average Receivable days/ Debtors collection period as follows:- Average…

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A: The inventoriable cost is the cost of inventory that would be reported on the balance sheet. The raw…

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A: A partial payment is one that is given for a fraction of the total amount owing for a product,…

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A: Goods purchased for 32500 OMR and paid 12500, the balance is on account

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A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

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A: Discount on sales value: When the customer pays the amount within discount period then customer is…

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A: Operating income is income before interest and taxes also referred as EBIT

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A: ACCOUNT RECEIVABLE TURNOVER RATIOAccount Receivable Turnover Ratio is the Ratio between Net Sales…

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Q: On April 1, 2020 Sony Company sold merchandise worth $10,000 to Dan Company, terms 4/10, n/30. On…

A:

Q: On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540.…

A: Cash sales refers to those sales that are made in cash , or by credit cards or by a cheque. When a…

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

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A: The transactions for sale and purchase of merchandise are to be recorded in the General Journal.

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A: Periodic Inventory system: In this inventory system counting the physical stock to determine the…

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A: Cost of purchase = 23000 Credit Terms = 2/10, n/30

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A: The question pertains to discount allowed on timely payment. Whenever goods are sold on credit the…

Q: Andy Company records its purchases at gross but wishes to change to recording purchases at net.…

A: WHEN PURCHASES ARE RECORDED USING THE NET METHOD , PURCHASES AND ACCOUNTS PAYABLE ARE RECORDED AT AN…

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Q: On January 8, FDN Trading sold merchandise with an invoice price of P72,000 on terms 3/10, n/30. Two…

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A: According to the given question, we are required to compute the input tax on the cash discount.…

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A: When VAT cannot be credited, the purchase account shall be debited with the cost of purchase and VAT…