OBJstores, a dairy shop, entered into the following Petty Cash transactions during March 2020. The business is a registered VAT vendor and trades only with other registered vendors. They use a perpetual inventory system, and all goods are marked up at 40% above cost, before taking into account any trade discounts. A VAT rate of 15% is applicable
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please help answer
OBJstores, a dairy shop, entered into the following Petty Cash transactions during March 2020. The
business is a registered VAT vendor and trades only with other registered vendors. They use a
perpetual inventory system, and all goods are marked up at 40% above cost, before taking into
account any trade discounts. A VAT rate of 15% is applicable
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- Q1) Pier 1 Imports operates almost 1,000 stores around the world. Assume you are dealing with a Pier 1 store in Dallas. Assume the store began with an inventory of 50 chairs that cost a total of $1,500. The store purchased and sold merchandise on account as follows: Purchase 1 60 chairs @ $35 Sale 1. @ $60 100 chairs Purchase 2 . 80 chairs @ $40 Sale 2. @ $70 Assume that Pier 1 uses the FIFO cost method. Cash payments on account totaled $5,100. Operating expenses were $2,400; the store paid two-thirds in cash and accrued the rest as Accounts Payable. Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 70 chairs 2. Make journal entries to record the store's transactions.Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/LossRecord the following sales transactions of Money Office Supplies. Apr. 4 Made a cash sale to a customer for 15 chairs at a sales price of $80 per chair. The cost to Money Office Supplies is $55 per chair. Shipping charges are an extra $4 cash per chair and are not subject to discount. Terms of the sale are FOB Shipping Point. Apr. 9 Sold 20 chairs on credit for $85 per chair to a customer. The cost per chair to Money Office Supplies is $50 per chair. Shipping charges are an extra $4.50 cash per chair and are not subject to discount. Terms of the sale are 3/10, n/30, FOB Destination, invoice dated April 9. Apr. 19 The customer pays in full for their purchase on April 9.
- Question 3: Debbie's Dairy Farm had the following transactions: Debbie ordered shelving worth $750. Debbie's selling price on a gallon of milk is $3.00. She finds out that most local stores are charging $3.50. Based on this information, she decides to increase her price to $3.25. She has an employee put a new price sticker on each gallon. A customer buys a gallon of milk paying cash. The shelving is delivered with an invoice for $750. Which events will be recorded in the accounting system?Refer to the following data of Good Food Snack House (in the photo) _____22. What is their Cash Conversion Cycle if their Operating Cycle is 135 days?A. 104 days B. 105 days C. 106 days D. 107 days _____23. What is the Average Inventory of Good Food Snack House?A. Php 1,067,570 B. Php 1,607,057 C. Php 1,765,070 D. Php 5,017,657XYZ Bakery bakes breads that are sold to local restaurants and grocery stores in Muscat. When 300 breads are baked, the average cost is $1.25 per bread. When 900 breads are baked, the average cost is $0.65 per bread. What is the total cost when 700 breads are baked? Select one: O a. $515.00 O b. $455.00 O c. $532.50 O d. None of the answers given O e. $875.00
- on 8 E-max sold Dishwashers on credit, worth OMR 55,000 to customers, out of these Dishwashers customers return damaged Dishwashers for OMR 6,000. Record the entry for the Dishwashers returned? red d out of O a. Debit Sales returns and allowance 6,000; Credit A/c Recelvable 6,000 O b. Debit Accounts recelvable 55,000; Credit Refrigerators 55,000 O C. Debit Bad debts expense 38,000; Credit A/c Recelvable 38,000 ion O d. Debit A/c Receivable 6,000; Credit Sales returns and allowance 6,000 tion 9 ret vered Dohtar Power Company issues a cheque of OMR 10,000 to its supplier, but this was not shown on bank statement. How is this OMR 10,000 shown on bank reconciliation statement? ced out of O a. As an Unpresented cheque added to the bank statement balance O b, As an Uncredited deposit added to the bank statement balance ag stion O C. As an Unpresented cheque deducted from the bank statement balance O d. As an Uncredited deposit deducted from the bank statement balance estion 10 Which of the…PA1. LO 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul. 3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Jul. 5 Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any…Following are the transactions of a Merchandise business. Product Desktop computer Table computer Landline telephone 4-in-1 desktop printer Date 2022 March 1 March 7 March 17 April 1 April 10 May 1 May 8 June 1 June 6 June 10 June 15 Cost price per unit $400 $60 $60 $100 Transactions California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash. CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. CBS makes full payment on the amount due from the April 7 purchase CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. CBS pays their account in full. CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3, CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund... CBS discovers that 60 more phones from the…
- Problem 6. Use the following information for the next two questions: DISCALCED BAREFOOTED NAKASAKASAKA Supermarket, Inc. awards customers loyalty points for their purchases. A customer is entitled to one point for every P 400 purchase. The points accumulated may be redeemed for awards in the form of appliances, electronics, groceries and other household items. DISCALCED estimates the stand-alone selling price of each point at P 4.00. During the period, DISCALCED made total sales of P 40M to cardholders. 1. How much sales revenue is recognized? a) 400,000 b) 40,000,000 c) 39,600,000 d) 0 2. How much is the deferred revenue from loyalty points? a) 400,000 b) 40,000,000 c) 39,600,000 d) 0The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. Boys’ clothes ₱ 4,800 20 pcs. Boys’ clothes ₱ 6,300 Cost of 48 pcs. underwear 7,680 30 pcs. underwear 7,500 Freight and handling costs: Boys’ clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Jackie. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute the amount to be remitted by the consignee. Compute for the consignment profit Please show your good accounting form for the solution. Thank you!Prepare journal entries for the following transactions of Dulce Delights. Apr. 10 Sold 350 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia paid using her in-house credit account; terms 2/10, n/30. The cost for this sale to Dulce Delights is $4.50 per bucket. Apr. 13 Sold 310 ice cream buckets with a sales price of $13.50 per bucket to customer Selene Arnold. Selene paid using her Max credit card. The cost for this sale to Dulce Delights is $4.50 per bucket. Max Credit Card Company charges Dulce Delights a 5% usage fee based on the total sale per transaction. Apr. 20 Livia Diaz paid her account in full with a cash payment, less any discounts. Apr. 25 Max Credit Card Company made a cash payment in full to Dulce Delights for the transaction from April 13, less any usage fees. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. Apr. 10 To record sale of ice cream buckets 0C Apr. 10 To…