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A Company on October 1, 2019, sold article for P10,000 costing P7,000. An used article was accepted as downpayment and the balance on a monthly installment payment starting November 1, 2019 for 12 months. P2,200 was allowed for the article traded-in. The company estimates reconditioning costs of P100 and a sales price of P1,000 after such reconditioning. The company normally expects a 20% gross profit on the sale of used articles. The Company employs the perpetual inventory method of inventory.
Problem 1: The amount of realized gross profit in 2019 is?
Problem 2: Using the information in the previous question, how much is the amount of the loss on repossession?
Prepare the compound entry, if necessary, to correct the books at the end of 2001, assuming that the books have not been closed. Ignore taxes
The cash account in the general ledger of XYZ Company shows a balance of $18,700 at June 30, 2004. Error in recording check #6301 from a customer. The check was received from a customer who was paying for services performed by XYZ Company. Calculate ..
What are some of the causes that can be attributed to price and efficiency variances for labor and materials? Describe the production volume variance and if the variance should be used in management performance evaluations or incentive compensation p..
Here is the assumptions and data; Sales Revenue Year 1: $10,000,000 Annual Growth Rate There after: 4.5%. For year 1: Advertising: $500,000 Payroll: $2,500,000 Utilities: $150,000 Services: $150,000. Assume an annual growth rate of 3% for all of thes..
Extinguishment of DebtBonds are recalled at 95 on Dec. 31, 2018. Create a Journal entry on Dec 31, 2018 to record the extinguishment of debt.
In 2013, Chirac Enterprises issued, at par, 75 $1,080, 8% bonds, each convertible into 130 shares of common stock. Chirac had revenues of $17,700 and expenses other than interest and taxes of $8,980 for 2014. Compute diluted earnings per share for 20..
brandywire homecare a not for profit business had revenues of 12 million in 2007. expenses other thatn depreciation
The bond for 10 years, and then cashed it in for $1,000 at the end of the 10th year, what average annual rate of return would you realize on your investment?
Upon graduation from college, Susana Lopez signed an agreement to buy a used car. Her annual payments, which are due at the end of each year for two years, are $1,480. The car dealer used a 12% rate compounded annually to determine the amount of t..
Prepare the appropriate journal entries to remove the equipment from the books of SAM Company Ltd on March 31, 2017
Calculate the net present value of the helicopter purchase and state whether or not the firm should buy it. abletop Ranches, Inc. is considering the purchase
Prepare journal entries for first year of stock-option plan.- Prepare the journal entries for the first year of the plan assuming that, rather than options, 700 shares of restricted stock were granted at the beginning of 2012.
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