User Account

All Pages

How much is the sale revenue recognized

Assignment Help Financial Accounting
Reference no: EM132976734

Question - An SME sell goods in exchange for a P340,000 note receivable in two years' time. The cash sale price of the goods is P280,992. The gross profit rate based on cost on the transaction is 30%. Other operating expenses amounted to P50,000. How much is the sale revenue recognized by the SME? a. P340,000 b. P280,992 c. P64,844 d. P334,156

How much is the profit or loss of the SME? a. P14,844 b. P(14,844) c. P46,988 d. P42,944

Reference no: EM132976734

Questions Cloud

Describe effects of change on reported financial statements : Suppose accounting standards change at the beginning of year 10. Describe the effects of this change on the reported financial statements of year 10?
Why antibiotics cannot be used to treat such viral infection : Antiviral drugs are currently been used in trials to treat COVID 19 disease. Why antibiotics cannot be used to treat such viral infections?
What is the total effect on income for the quarter : Gilbert was able to sell the entire harvest for P35,000. What is the total effect on income for the quarter related to the Negros biological asset
Explain the greater swimming efficiency of salmon : Researchers conducted an investigation where the swimming cost for a mallard duck and found that it was nearly 20 times the swimming cost for a salmon of the sa
How much is the sale revenue recognized : The gross profit rate based on cost on the transaction is 30%. Other operating expenses amounted to P50,000. How much is the sale revenue recognized
What effect would have on aco financial statements : If ACo had used the equity method instead of the cost method, what effect would it have on ACo's financial statements? [Assume dividends received are treated]
What is the experimental group : Alessia is testing the efficacy of a new fertilizer on tomato plants; looking at the number of tomatoes produced per plant.
Nucleotide sequence for the domestic dog : You've been provided with the complete nucleotide sequence for the domestic dog pancreatic amylase AMY2B gene. Explain how you would search for and locate a hom
Explain the impact of classifying trading securities : Describes the impact of classifying trading securities as held-to-maturity securities? Assume that the losses are NOT deemed as other than temporary.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare relevant journal entries to record the depreciation

Prepare relevant journal entries to record the depreciation expense for the year ended 30 June 2019 and revaluation entries on 30 June 2019

  Explain how would you obtain a copy of a statement pertinent

Can you obtain a copy of the full text of FASAB statements from this Web site? If not, explain how would you obtain a copy of a statement pertinent to federal agencies? What is the cost to purchase a statement?

  What is the distinction between nominal gdp and real gdp

What is the distinction between nominal GDP and real GDP? How does the growth rate of real GDP contribute to an improved standard of living?

  What would be the total number of shares outstanding

What would be the total number of shares outstanding? Barnaby's Fatburner Gyms Ltd operates a chain of excercise facilities throughout Victoria

  Cash collections from credit customers

In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,000. During the year, Dinty wrote off $32,000 of accounts receivable it had attempted to collect and failed. Credit sa..

  Explain the purpose and the financial reporting requirements

Explain the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting

  Should the company accept the special order

What is the financial advantage of accepting the special order from the wedding party? Should the company accept the special order?

  Modify the budget to reflect the new financial plan

You paid off your car and have decided to buy a house. Your mortgage payment is now $1050/month. Modify the budget to reflect this new financial plan.

  What is your monthly repayment

If you take out an 8,000 USD car loan that calls for 48 monthly repayments at an APR of 10%, what is your monthly repayment

  Find what is the pre-tax cost of the company debt

What is the pre-tax cost of the company debt if weighted average costs of the company is 13.5% and the firm's tax rate is 35 percent?

  Using the double declining-balance depreciation method

Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $790,000. The estimated residual value of the building is $49,000 and it has an expected useful life of 10 years. Assuming the..

  What amount or amounts will europa report

What amount or amounts will Europa report in its income statement for the year ended December 31, 20X1 and what will be the carrying value

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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