Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
AAA Company sold a Ford Escape car costing P620,280 for P960,000 on August 1, 2020. A used car is accepted as a downpayment, P250,000 being allowed on the trade in and the balance is payable in 20 months plus 1% a month on diminishing balance starting August 31, 2020. The used car can be resold for P190,000 after reconditioning cost of P10,000. The company's gross profit rate on the sale of used car is 15%. After making religious payments in 2020, the customer defaulted and the vehicle was repossessed on December 5, 2020. Toyota Motors estimated that the market value of the repossessed vehicle is P300,000 after reconditioning costs of P25,000. The gross profit rate of 15% is also applicable to repossessed cars.
Question 1: How much is the Over (Under) Allowance?
Question 2: How much is the Gain or Loss on Repossession?
Question 3: how much is the balance of the Trade In and the Repossessed Item?
Question 4: Revenue and Net income to be recognized?
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd