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Problem 1: Delilah Trading regularly buys its inventory from Mae Company and is allowed trade discount of 20% from the list price. Delilah made a purchase on October 5, and received an invoice with a list price of ?45,000, a freight charge of ?2,500, and payment terms of 2/10, net 30 days. Both companies use periodic inventory system. At what amount should Delilah record Purchases on October 5?
a. ?47,500
b. ?36,000
c. ?45,000
d. ?38,500
How much is the total cost the Company will incur? The Company spends, on the average, P25 for every cash conversion to marketable securities and vice versa.
Prepare accrual-based Income Statement and Statement of Financial Position (Balance Sheet) for the month ending October 2019.
Compute the amount to be recorded on the books for each of the assets.- Record the purchase in a horizontal statements model.
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On October 1, 2019, Chris was admitted to a 40% interest in the partnership, Compute the capital balances of the partners after the admission of Chris.
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