XYZ Co. submitted an account sale stating that they had sold 6 units and remitted P3,412,500 balance due to ABC after the following deductions: Commission 20% of selling price; Marketing expenses P325,000; Delivery of items sold 250,000

Q: Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a…

A: The total amount spent on an item plus the costs associated with using it is known as the asset's…

Q: Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a…

A: The capitalized cost of an asset consists of the acquisition cost of the asset and other costs are…

Q: On 1 January 2015 Killmequick Brewery Limited (KBL) acquired a new bottling plant under the…

A: Depreciation Depreciation denotes the non-cash expense which is charged on every non-current…

Q: The company manufactures a line of equipment which it sells to wholesalers. The company sold 5,000…

A: Expected no. of items will be returned = Sales x 20% = 5000 items x 10% = 500 items

Q: How many performance obligation/s are there? Enumerate.   Bartle Company signed a contract…

A: Performance obligation refers to the assurance for the performance of service or transfer of goods…

Q: Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a…

A: Cost of asset is the amount paid for an asset and for expenses incurred in putting the asset in…

Q: On December 1, 20x4, ABC Co enters into a contract to deliver 10 cars to XYZ company which is to be…

A: As per the provision of PFRS 115 Revenue from contracts with customer. Revenue can be recognize as…

Q: S Bhd. is pricing a new contract. The new contract requires the use of 50 tonnes of metal X. There…

A: If a material that will be used in a special contract is not in regular use, then the relevant cost…

Q: Steele Corp. purchases equipment for $21,000. Regarding the purchase, Steele recorded the following…

A: Acquisition cost is cost incurred to put the asset in to use  Maintenance costs are not capitalized…

Q: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following…

A: Introduction: Acquisition costs include sums spent for permanent assets, fees incurred when…

Q: CARLA COMPANY MANUFACTURES EQUIPMENT. UNITS SELLING PRICE RANGE FROM 200,000 TO 1,500,000 AND ARE…

A: As per the accounting standard (IFRS) Revenue from contracts with customers which is based on 5 step…

Q: On December 1, 2030, JJJ Co. sent 10 units of plasma television sets on consignment which cost…

A: For calculating the cost of goods sold by consignee, all the direct expenses are added to initial…

Q: On March 10, 2020, Wildhorse Company sold to Barr Hardware 230 tool sets at a price of $53 each…

A: A balance sheet is a financial statement that illustrates the assets, liabilities, and shareholder…

Q: Harris Ltd also recently imported an artificial intelligent machinery and incurred the following…

A: Fixed assets: These are the assets which were used in the business for more than one year. These…

Q: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following…

A: Introduction: The acquisition cost of equipment is the net invoicing price of the equipment,…

Q: XYZ Company spends 300,000 dollars on raw materials, 100,000 dollars on a fixed cost, and 150,000…

A: Percentage of the profit change = (Profit after discount - Profit before discount) / Profit before…

Q: ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following:…

A: Journal is the book where transactions are originally recorded. Further, a journal entry is used to…

Q: Sloan Corporation is considering new equipment. The equipment can be purchased from an overseas…

A: Differential analysis is the comparison between two options with respect to cost and revenue which…

Q: FLY corporation manufactures stamp pad that sells for Php 65.00 each. It costs FLY corporation Php…

A: Selling price per unit = Php. 65 Cost per unit = Php. 50 Contribution per unit = Selling price-Cost…

Q: Desert Company purchased a machine with a contract price of $100,000 on terms of 2/10, n/30. The…

A: 2/10 means if the company pays within 10 days from purchase of the Macine, then it is entitled to…

Q: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following…

A: Total cost of equipment includes all those expenses which are incurred to make equipment ready to…

Q: Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a…

A: The capitalized cost of an asset consists of the acquisition cost of the asset and other costs are…

Q: ABC Co. delivered 150 portable gas stoves to DEF Co. on consignment. These stoves cost P2,700 each…

A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…

Q: ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following:…

A: Lets understand the basics. As per IAS 16 "PPE", PPE initially needs to capitalized on books of…

Q: Model Company manufactures a single electronic product called Lastik. Lastik sells for P900 per…

A: The sales volume at break even is such sales volume at which the company is at no profit no loss…

Q: On June 1, 2022, City Car Sales sells a new car costing P4,726,400 for P6,804,000. A used car is…

A: According to the given question, we are required to compute the net income for City Car Sales.   Net…

Q: eele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following…

A: Solution: Purchase price = $25,000 Shipping = $1,000 Installation fees = $2,000 Discount = 5% on…

Q: A. On the 1st of June 2011 GoodTaste purchased a new freezer for €23,000 of which €2,000 was the VAT…

A: Since multiple questions are involved , We will answer 1st question for you.