Reference no: EM132738323
Question: Joshua's Department Store provided the following data as of October 30, 2020
Cost Selling Price
Inventory, October 1,2020
362000 537000
Markups 195000
Markup cancellations 38000
Markdowns 60,000
Markdown cancellations 23,000
Purchases 830,000 1,500,000
Purchases returns and allowances 16,000 25,000
Sales 1,680,000
Sales returns and allowances 80,000
Required: Create a schedule to compute the estimated inventory at October 30, 2020.
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Calculate the company taxable profit
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Explain the selection strategy in brief
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What the depreciable cost of the equipment is
: Blue Spruce Corp. bought equipment on January 1, 2022. The equipment cost $260000 and had an expected salvage value of $45000.
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What is the entry for issuance of bonds
: On January 1, 2020, Sierra Corp. issued 500, $1,000, 6% convertible bonds at face value. Each bond is convertible into 15 shares of $1 par value common stock.
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Create a schedule to compute the estimated inventory
: Joshua's Department Store provided the following data as of October 30, 2020. Create a schedule to compute the estimated inventory at October 30, 2020.
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What is the gain on remeasurement of the existing investment
: On January 1, 2018, Entity A acquired 30,000 out of 100,000 outstanding ordinary shares of Entity B for P90,000 or 30% interest. For the six months ended June.
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How much were total trade discounts
: Llamas Co. sold goods with an invoice price of P5,400,000 on January 1, 2020. Trade discounts were 20% and 10%. Terms were 5/15, n/45. Customer made a down.
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How much purchase returns & allowances were recorded
: Angeles Co. purchased goods amounting to P1,717,000 on February 1, 2020. Terms were 2/10, n/30. Angeles paid the whole amount on February 7, 2020.
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Define why you think it is the best suited for the business
: Propose the inventory valuation method you would advise the company to use. Explain why you think it is the best suited for the business.
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