lof e00 000Th3. Belpre, Inc. owes $90,000 to William's Drones Co. for inventory acquired with terms of 3/15, n/30.How much will Belpre, Inc. pay if payment is made within the discount period?а.b. What transaction will Belpre, Inc. record on November 30, the company's fiscal year end, if theinvoice is dated November 28 and payment will be made on December 12?1:29

Definition of Sales Discount:Sales Discount is a reduction in the price of a product or service…

Answered: lof e00 000Th 3. Belpre, Inc. owes…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sunlight Co. Started operations on January 1, 2018, selling home appliances on instalment basis. For 2018 and 2019, the following information are available: 2018 2019 Installment Sales Cost of Installment sales Collections: For 2018 sales For 2019 sales P1,200,000 720,000 P1,500,000 1,050,000 630,000 450,000 900,000 On 2019, an instalment sales account balance of 2008 was defaulted and the merchandise, with current market value of P15,000, was repossessed. The account balance defaulted was P24,000. 17. The gross profit rate in 2019? а. 30% b. 40% c. 35% d. 45% 18. The balance of the deferred gross profit account as at the end of 2019 was a. 218,400 b. 228,000 c. 275,000 d. 450,000 19. How much is the gain or loss on repossession? a. Gain P600 b. Loss P1,800 c. Loss P9,000 d. Gain P1,800 LILU
C3.9
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5. Help me selecting the right answer. Thank you
a. the Statement of Comprehensive Income for the year ended 31 December2020.
[C] Complete the table: Analyze the transaction made by Cai's General Merchandise for the month of March 2020. Identify the accounts affected following the Perpetual Inventory System.
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Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: The issuance of the note The payment of the note at maturity Journalize Zorzi Industries entries to record: The receipt of the note Receipt of the payment of the note at maturity On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold…
3. The balance in Viray Company's accounts payable account at December 31, 2021 was P900,000, before any necessary year-end adjustment relating to the following: a. Goods in transit from a vendor to Viray on December 31, 2021. The invoice cost was P50,000, and the goods were shipped FOB Shipping point on December 29, 2021. The goods were received on January 4, 2022. b. Goods shipped FOB shipping point on December 20, 2021 from a vendor to Viray was lost in transit. The invoice cost was P25,000. On January 5, 2022, Viray filed a P25,000 claim against the common carrier. c. On December 31, 2021, Viray has a P20,000 debit balance in accounts payable to a supplier resulting from an advance payment for goods to be manufactured. What amount should be reported as accounts payable on its December 31, 2021 financial statement?
Fill in the blanks: Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a trade discount of 6%, 1%, and term of sales of 2/45, n/60. Mr. Adrian pay the shipper of the shipping costs up to the buyer's warehouse. 1. How much is the invoice price? 2. When is the due date to avail the 2% discount? 3. What is the term of shipment? Choose if. FOB Shipping Point - Freight Collect, FOB Shipping Point - Freight Prepaid, FOB Destination - Freight Prepaid, FOB Destination - Freight Collect INSTRUCTIONS: 1. DO NOT ABBREVIATE THE MONTH OF YOUR ANSWER. IF YOUR ANSWER IS SEPTEMBER, ENCODE IT AS SEPTEMBER. 2. DO NOT USE COMMA AND PESO SIGN. IF YOUR ANSWER IS P1,000.50, ENCODE IT AS 1000.50 3. USE TWO DECIMAL PLACES FOR YOUR ANSWER. IF YOUR ANSWER IS P22,785, ENCODE IT AS 22785.00
If Able Ltd, registered for GST, purchased inventory from a supplier for $9 000 (excluding GST), returned $1 500 worth of inventory (excluding GST) two days later and then paid the account within the discount period to take advantage of a 2% discount, what amount would Able Ltd record for discount received? please recalculate

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