P Computers Inc. sells computers on the installment basis. For the year ended December 31, 2011,the following were reported:Cost of installment salesP525,000Loss on repossessions13,500Fair value of repossessed merchandise112,500Account defaulted180,000Deferred gross profit, December 31108,000How much was collected during the year?

Instalment Sales: It is the sale occurred when buyer make regular payments and revenue and expenses…

Answered: P Computers Inc. sells computers on the…

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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At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.
company reported credit sale of 6252900 and cost of goods sold of 3300000 for the year. the acconunt receivable balance at the beginning and end of the year were 516000 and 581000. receivables turnover ratio is 1. 10.8 2. 6.0 3. 11.4 4. 5.7
Company M uses the cost recovery method. During 19A, it sells goods with a cost of $15,000 for $25,000, payable in installments of $10,000, $10,000 and $5,000, respectively, beginning in 19A. How much profit should be recognized each year?
11. The following to MARIE Company's accounts receivable at December 31, 2016: Estimated % Days outstanding 0 - 60 Amount 120,000 90,000 100,000 310,000 During 2016, MARIE Company wrote off P7,000 in receivables and recovered P4,000 that had been written off in prior years. AAA Company's December 31, 2015 allowance for uncollectible accounts was P22,000. Under the aging method, the amount of allowance for uncollectible accounts MARIE Company should report at December Uncollectible 1% 61 - 120 2% Over 120 6% P 31, 2016 is
The choices are 240K, 248K, 256K and 260K
EX.06.144 On April 7, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, the company sold the note to a bank at a 13% discount rate. Required:Compute the amount of interest revenue and the loss on sale of the note. Assume a 360-day year. Round your answers to two decimal places. Interest revenue $ Loss on sale of note $
Entity A received a 12% P200,000, one-year, note receivable on October 1, 2001. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 2002. How much is the interest income to be accrued on December 31, 2001.
complete only part (D ( 629.01 in Principal Repaid is an incorrect answer )
a car shop records its sales in installments. In 1995, installment sales were $2,000. Recording is done for each item sold in installments. at the end of 1995, the total principal of installments sold was $900. total receipts from the 1995 installment sales were $825. The estimated price of the repositioned item is $50 and the balance owed on the reposition is $90. Prepare the journal entry for the above event by: 1. Shows the total gross profit that can be realized until the end of the year (Make it into the journal) 2. record repositioning (make it into a journal) 3. Record realized gross profit (make It into the journal)
Additional information:i. Supplies as at 31st December 2019, RM34,500.ii. Insurance expense at the rate of RM850 per month.iii. Yearly depreciation on the non current assets as below:• furniture and fittings, RM5,175• motor vehicles, RM20,400.iv. Interest expense RM5,295 still payable by end of the yearv. Estimated doubtful debt at the rate of 2% of accounts receivable Question: 1. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st December 2019. 2. Prepare the Statement of Financial Position as at 31st December 2019.
Accounts Receivable of Power Company during 2020 was $140,000; it's Sales Revenue was $500,000, Sales Return and Allowance $40,000 and Sales Discount $10,000. AFDA has a debit balance of $2,000.The adjusting entry at December 31, 2020 assuming that the expected bad debts are 4% of Accounts Receivable will include: * AFDA $20,000 AFDA $7,600 AFDA $5,600 O AFDA $3,600 O None of the above
The Samsing Music Corp. sells musical instruments on installment. On October 1, 2008, Samsing sold a karaoke costing P15,000 for P24,000. It has been the policy of Samsing to require its customers a down payment of P2,400 for this kind of instrument and the balance to be paid on installment with an annual interest of 12% starting October 31, 2008. Periodic payments are equal in amount and represent interest on the balance of the principal owed between installment periods, the remainder a reduction in the principal balance. The karaoke was repossessed in February 2009, when the customer defaulted after paying a total of P9,600. It was estimated that the karaoke had a depreciated cost of P8,400 when repossessed. The Samsing Music Corp. uses perpetual inventory account and enters the total deferred gross profit at the time of sale. How much is the total realized gross profit from this sale (rounded to the nearest peso)?

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