Reference no: EM132711179
Questions -
A) Llamas Co. sold goods with an invoice price of P5,400,000 on January 1, 2020. Trade discounts were 20% and 10%. Terms were 5/15, n/45. Customer made a down payment equal to 30% of the list price. The remaining balance was paid on January 31, 2020. Llamas uses the net method.
1. How much were total trade discounts?
2. How much is recorded by Llamas Co. to Sales on January 1, 2020?
3. How much accounts receivable was recorded on January 1, 2020?
4. How much was recorded to Purchase Discounts Lost on January 31, 2020?
B) De Leon Co. sold goods with a list price of P6,172,000 on June 1, 2020. Trade discounts were 10% and 5%. Terms were 5/10, n/30. Customer paid P3,000,000 on June 5, 2020, and the remaining balance on June 10, 2020.
1. How much trade discounts were recorded?
2. How much cash will be received by De Leon Co. on June 10, 2020?
C) Paeng E. Kadate was able to sell his land for P15,000,000. He asks you, his accountant, to journalize for him. You skim through his balance sheet and find out that, under PPE, Land has an amount of P10,000,000. You further search through the accounts and find out that the accumulated depreciation has a balance of P7,500,000.
1. How much gain/loss on sale of Land will you record? Enclose with parenthesis if loss.
|
Camile faith- foundation for design of instruction
: Learning theories are the foundation for the design of instruction. These theories influence the how and why educators choose strategies for different situation
|
|
What is the gain on remeasurement of the existing investment
: At the acquisition date, the net assets of Entity B were reported at P400,000. What is the gain on remeasurement of the existing Investment
|
|
Compute and show the entry to record the departure of brady
: January 1, 2019 - Brady decides to leave the partnership. Mahomes agrees to pay Brady $73,000. Show the entry to record the departure of Brady.
|
|
Disadvantages of insect control by chemicals
: Compare the advantages and disadvantages of insect control (bioinsecticides) by chemicals and by microorganisms.
|
|
How much were total trade discounts
: Trade discounts were 20% and 10%. Terms were 5/15, n/45. Customer made a down payment equal to 30% of the list price. How much were total trade discounts
|
|
Identify the agents of bacterial infections
: Identify the agents (bacterial) of these bacterial infections. Include the signs and symptoms; overview of the pathogen and its virulence factors; pathogenesis
|
|
Find and show entry to allocate net income to the partners
: December 31, 2018 - The business recorded a net income of $30,000. Show the entry to allocate the net income to the partners' capital accounts
|
|
How much purchase returns and allowances were recorded
: Angeles Co. purchased goods amounting to P1,717,000 on February 1, 2020. How much Purchase returns and allowances were recorded
|
|
Identify profiles of elder abuse perpetrators
: Please read "Using Latent Class Analysis to Identify Profiles of Elder Abuse Perpetrators" by Margurite DeLiema,
|