5.Makati Co. bills its Valenzuela branch for merchandise at 140% of cost. At the end ofJanuary 2020, the branch reported the following information:Merchandise from Home Office(at billed price)Inventory, January 17,560Shipments received28,280Inventory, January 318,400What should be the balance of the allowance account for overvaluation of the branch inventoryat January 31?

The balance of the Allowance for Overvaluatiion of Branch Inventory account represents the…

Makati Co. bills its Valenzuela branch for merchandise at 140% of cost. At the end 2020, the branch reported the following information: Merchandise from Home Ofic (at billed price) ry, January 1 7,560 nts received ry, January 31 28,280 8,400 hould be the balance of the allowance account for overvaluation of the branch inve ary 31?

Makati Co. bills its Valenzuela branch for merchandise at 140% of cost. At the end 2020, the branch reported the following information: Merchandise from Home Ofic (at billed price) ry, January 1 7,560 nts received ry, January 31 28,280 8,400 hould be the balance of the allowance account for overvaluation of the branch inve ary 31?

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

ABC has the following transactions during 2020:1. On March 1, 2020, ABC sold merchandise on account to Customer 1 for €7,750. ABCoffers a cash-discount of 2% if payment is made within 20 days of the sale. Otherwisethe full amount, net of returns and allowances, is due in 30 days.2. On March 10, 2020, Customer 1 returned merchandise worth €1,550 to ABC.1. 3.On March 15, 2020, Customer 1 paid for the merchandise.3. On April 1, 2020, ABC loaned €10,000 to XZ with a 1-year, 10% note.4. On November 1, 2020, received a €4,000, 6-month, 5% note in exchange for Customer’s2 outstanding accounts receivable.5. On December 16, 2020, sold merchandise to Customer 3, receiving a €4,500, 3-months,8% note.6. On December 31, 2020, the interest revenue accrued is recognized on all notesreceivable. a. Record the collection of note receivable as their mature in 2021.
AZKABAN bills its branch for merchandise shipments 25% of sale. As of cut-offf date, December 31, 2021, the following data were available. Outside supplier Shipment form home office Beginning Inventory 120,000 300,000 Purchases 360,000 471,000 Ending Inventory 150,000 420,000 The branch returned $15,000 merchandise to the home office acquired at billed price. How much is the amount of allowance for overvaluation account that was realized in December?
an invoice dated oct 15 shows list price of $82 for the merchandise plus $30 shipping and handling. the terms are : trade discount of 20/10 and cash discount 2/10,1/20,n/30. invoice is paid Oct 24 calculate the amount needed to pay the invoice in full
They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.
On November 5, of the current year, Ligaya Merchandising Enterprise purchased merchandise with the list price of P120,000. The merchandise is subject to a treade discount of 15%, 10%, 5% with credit terms of 3/10, n/30. (Ligaya Merchandising Enterprise is a non-VAT registered business) 1. How much is the invoice price? 2. At what amount should Ligaya Merchandising Enterprise debit Purchases? 3. How much is the trade discount? 4. How much is the cash discount? 5. Up to what date is the discount period? 6. If Ligaya Merchandising make payment on November 15, how much should it pay in full settlement of its account? 7. If payment is made on November 20, how much should Ligaya pay in full settlement of its November 5, account?
During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. FOB shipping point. • Who is the owner of the goods in transit? • When is the due date if no discount?
Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000
Merchandise costing $714 is sold for $1,234 on terms 2/10, n/30. If the buyer pays within the discount period, When collection of cash within the 10 days, the debit to Cash will be $
On January 15, 2021, Marimar Company shipped 100 cellphone units to Sergio Company. The related data: The list price per unit P5,200 Trade discount per unit 200 Freight charges paid in cash 3,500 FOB destination Tem of payments 2/10, n/30 The invoice price is 60% based on sales. On January 25, 2021, Sergio Company paid 50% of the total shipment. The entity uses the perpetual inventory system. Requirements: What are the related journal entries under the gross method and the net method? At month-end, how much is the entity's accounts receivable under the gross method? At month-end, how much is the entity's accounts receivable under the net method?
Haha