Determine the net income

Assignment Help Accounting Basics
Reference no: EM133016308

Question - On March 15, 2020, BBB Company established an agency in Quezon City, sending its merchandise samples costing P15,750 and working fund of P9,000 to be maintained on the imprest basis. During the month, the agency transmitted to the home office sales orders which were billed at P64,380 of which P20,400 was collected. A home office disbursement chargeable to agency is the acquisition of furniture and fixtures amounting to P25,000 to be depreciated at 24% per annum. The agency paid expenses of P3,815 and received replenishment thereof from the home office. On March 31, 2020, the agency samples were valued at P10,075. It was estimated that the gross profit on goods shipped to bill agency sales orders average 25% of cost.

Determine the following: a. Net Income (Loss) of the agency b. Entries to record the transactions in the books of BBB and Quezon City Agency.

Reference no: EM133016308

Questions Cloud

Show the adjustment of one year of depreciation : A small delivery truck was purchased on January 1 at a cost $ 25.000. Show the adjustment of one year of Depreciation using T accounts
Calculate the total customer-response time : Based on this information, calculate the following for this order: (a) total customer-response time (CRT), (b) order receipt time, (c) manufacturing lead time
What are estimated total variable costs in june : The accountant classified these costs as follows:-$4,440 of the mainenance costs were fixed March production was 1,200 units; What are estimated total variable
Prepare statement of cash flows for the year ended : Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $10,000. Prepare Statement of Cash Flows for the year ended 2007
Determine the net income : Determine the following: a. Net Income (Loss) of the agency b. Entries to record the transactions in the books of BBB and Quezon City Agency
Disadvantage of big data translate to negative behavior : Does the disadvantage of big data translate to negative behavior or vice versa?
How will these challenges impact you as a professional : As a teacher leader:What are the challenges brought about by the era of accountability?
What the payback period of the project : A firm is evaluating a proposal which has an initial investment of $35,000 and has cash flows of $10,000 in year 1, What the payback period of the project
What actions would you recommend Michelle take : Michelle tells you that John was rushed to hospital suffering from a brain haemorrhage. What actions would you recommend Michelle take

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd