Reference no: EM133178409
Question - On January 1, 2021, Born and Corn formed a computer sales and service enterprise by investing P900,000 cash. The new company has the following transactions during January:
1. Pays P60,000 in advance for three months' rent of office, showroom, and repair space.
2. Purchases 40 personal computers at a cost of P15,000 each, 6 graphics computers at a cost of P30,000 each, and 25 printers at a cost of P4,500 each, paying 75% of the total amount due upon delivery.
3. Sales, repair, and office employees earn P126,000 in salaries during January, of which P30,000 was still payable at the end of January.
4. Sells 30 personal computers at P25,500 each, 4 graphic computers at P45,000 each, and 15 printers for P7,500 each; P750,000 is received in cash in January and P307,500 is sold on a deferred payment basis.
5. Other operating expenses of P84,000 are incurred and paid for during January; P20,000 of incurred expenses are payable at January 31.
Required - Compute the profit or loss for the month of January using:
1. Cash basis of accounting.
2. Accrual basis of accounting.
|
What is the strategy
: What is the strategy? If the company wants to emphasize customers acquisition, what would you recommend? If the company wants to emphasize customer retention, w
|
|
Compute the book value per share of the ordinary share
: Compute the book value per share of the ordinary share. Two hundred thousand shares of ordinary are authorized, and 4,000 shares are held in the treasury
|
|
How does the criminal justice system address acts
: How does the criminal justice system address acts that cause fear in a victim but do not involve any form of actual physical violence?
|
|
Recommend a performance appraisal method
: Recommend an appropriate instrument for appraising employee performance at Kapote Outerwear (see Chapter 10: Methods and Instruments for Appraisal, and review t
|
|
Compute the profit or loss for the month of january
: Pays P60,000 in advance for three months' rent of office, showroom, and repair space. Compute the profit or loss for the month of January
|
|
What should be the diluted earnings per share for the year
: Assuming the income tax rate was 40 percent, what should be the diluted earnings per share for the year ended December 31, 2014
|
|
Why do systems or programs fail
: Why do systems or programs fail? 1. What do you think are the two most important reasons why systems fail to implement? Why?
|
|
How does it impact human resource management
: What exactly is the so-called "Great Resignation," and how does it impact human resource management?
|
|
Determine the transaction price
: Golds Gym's patrons renew their membership twice on average before terminating their membership. Determine the transaction price
|