The opening balance of supplies is RO1200. On 1 March, the company purchased supplies for RO800 in cash. On 31 December 2014, the balance of supplies in the company is RO 550. The SLupplios Oxnoncos ses

The opening balance of supplies is RO1200. On 1 March, the company purchased supplies for RO800 in cash. On 31 December 2014, the balance of supplies in the company is RO 550. The SLupplios Oxnoncos ses

Name: The opening balance of supplies isRO1200. On 1 March, the companypurc
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Description: The opening balance of supplies isRO1200. On 1 March, the companypurchased supplies for RO800 in cash.On 31 December 2014, the balance ofsupplies in the company is RO 550. Thesupplies expenses areSelect one:O a. 550 OMRO b. The correct answer not av

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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DCM Clocks received the following two invoices from its supplier: $26,500 on November 24, 2014 and $22,500 on December 9, 2014. If the payment terms on both the invoices were 3/15, 1.5/30, n/60, calculate the amount that must be paid by DCM Clocks to settle both of these invoices on December 24, 2014. Round to the nearest cent -> SAVE PROGRESS SUBMITASSIGN acer
Kerr Co.'s accounts payable balance at December 31, 2010 was $1,500,000 before considering the following transactions: • Goods were in transit from a vendor to Kerr on December 31, 2010. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2010. The goods were received on January 4, 2011. • Goods shipped to Kerr, f.o.b. shipping point on December 20, 2010, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2011, Kerr filed a $50,000 claim against the common carrier. In its December 31, 2010 balance sheet, Kerr should report accounts payable of O$1.620,000. $1,570,000. $1,550,000. O $1.500,000.
On June 10, 2016, PT A selling merchandise on credit to PT B with a transaction value of Rp 33,000,000 (including VAT 10%). On 15 June 2016, PT B made a payment of 60% and the remaining 40% was paid on 25 June 2016. Requested:a. Keep a sales journal and payment receipt at PT A!b. Keep a journal of purchases and payments at PT B if VAT can be credited!c. Keep a journal of purchases and payments at PT B if VAT cannot be credited!
hh.2
On October 1, Ace Company purchased P6,000 worth of goods on terms of 2/10, n/30. Freight of P500 was prepaid by the seller under the term FOB Shipping Point, goods worth P1,000 were returned and the account was paid on October 10. The net cost of purchases was
am. 134.
entxies Jounal Green Company sells goods to Thumb Inc. on account on January 1, 2017.The goods have a sales price of $312,000 (cost $164,000).The terms of sale are net 30.lf Thumb pays within 5 days, it receives a cash discount of $12,000.Past history indicates that the cash discount will be taken.
Newton general merchandise had the following transactions in march 2021:March 2 Purchased merchandise to Php 36,000. Terms: 2/10, n/30 FOB shipping point. Paid the freign bill amounting to Php 4,000.March 5 Returned Php 3,000 of the merchandise purchased on March 2 because they were defective.March 8 Sold merchandise on account for Php 10,000. Terms 3/15, n/30. The cost of the merchandise sold was Php 6,000.March 10 Paid the purchase made on March 2 less the return and the discount.March 12 Received Php 2,000 of the merchandise sold on March 8. The cost of the merchandise returned was Php 1,200.March 22 Received cash from the March 8 custome in full settlement of his account less the return of the discount. Prepare the appropriate journal entries for both periodic and perpetual inventory systems.
Tritan Sdn. Bhd. is involved in supplying frozen lambs. The information given was for the month of May 2019. On 1May, the company had a stock of 50 kg of lamb worth RM150. The following were transactions carried out by the company until 31 May 2019: 4 Date Transaction Amount 2 May Sold 30 kg 5 May 15 May Purchased 60 kg @ RM160 Purchased 80 kg @ RM195 22 May Sold 120 kg @ RM220 26 May Returned to supplier 5 kg 29 May Sold 30 kg Required: (a) Calculate the value of inventory using the first-in, first-out (FIFO) and weighted-average cost methods. (b) Prepare an extract of the Statement of Profit and Loss to determine the gross profit and discuss the differences between both methods towards the gross profit and inventory value.
A company is planning to construct a market that will produce annual income of £ 5000000 for the first 25years. An investor was approached to finance the project on condition that he will be given the right to recoup his capital over 25 years. Advice the investor on the capital to be invested in the project if he can earn returns on his capital at 12 percent compound interest per annum.
Goods totaling P100,000 were purchased February 2 with terms of 2/10, n/30. Returns of P20,000 were made February 10. What amount of discounts, if any, can be availed of if the invoice was paid on February 12?
A Company’s branch in San Fernando began operations on January 1, 2021. During the first year of operations, the home office shipped merchandise to the San Fernando branch that cost P250,000. Freight-in of P1,500 on the shipments from the home office was paid by the branch. The home office should make an adjusting entry for freight-in as follows:* A. A year-end adjusting entry debiting the branch account for ₱1,500. B. A year-end adjusting entry debiting the home office account for ₱1,500. C. A year-end adjusting entry crediting the branch account for ₱1,500. D. No year-end adjusting entry for the freight charge.

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