Reference no: EM133109192

Question - The following are the transactions of ASC Co. for 2019:

a. On 2019, Incorporators pooled in P10M cash to organize a corporation, Ha Go Co.

b. Ha Go Co. bought land and building for P3M cash. All PPE are depreciated for whole year. The building has a remaining useful life of 8 years. The land cost P1M

c. Ha Go Co. bought tables and chairs and cabinets to be used in operation for P300,000 to be depreciated over 6 years

d. Ha Go Co. bought office equipment for P120,000 to be depreciated over 2 years

e. Ha Go Co. bought a transportation vehicle worth P1M with a useful life of 10 years.

f. Purchased merchandise worth P9M, of which only ¾ was paid by the end of the year

g. Sold merchandise for P15M. The average cost of the merchandise sold is half of the sales. Twenty percent remained as uncollected by the end of the year

h. Salaries amounting to P1M were paid

i. For the year, a total of P300, 000 was incurred on utilities with a quarter of the amount remaining unpaid by December.

j. Other operating expenses which were paid in cash amounted to P200,000

k. Tax rate is 30%. Ninety percent of the tax due for the year was paid in 2019 while the balance was paid in the succeeding quarter.

Required -

How much is the ending Merchandise Inventory balance?

What is the journal entry for transaction K?

How much is the NET ending balance for the Capital?

How much is the NET ending balance for the Transportation Vehicle?

How much is the ending NET accounts receivable balance?

How much is the Net Income?

How much is the Income Before Tax?

How much is the NET ending balance for the Accounts Payable?

What is the journal entry for transaction B?

How much is the NET ending balance of the Office Equipment?