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Question - A Company started business in March 20xx. Sales for the first year totaled P4,000,000. The entity priced its merchandise to yield a 40% gross profit based on sales.
Industry statistics suggest that 10% of the merchandise Boy to customers will be returned.
The entity estimated sales returns based on the indut average During the year, customers return goods with sale price of P300,000.
Required - Prepare journal entries to record sales, sales returns and the year-end adjusting entry for estimated sales returns?
Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign.)
Ruby Sdn Bhd owns 30% of Emerald Sdn Bhd and exercise significant influence over it. Determine the amount that should be deducted
What is the incremental depreciation tax shield (i.e., the change taxes due to the change in depreciation expenses) if the replacement is made
begone manufactures spray cans of insect repellent. on august 1 2010 the company had 9800 units in the beginning wip
Problem , Did any differences lead to different conclusions or auditor decisions?
Prepare the journal entry on August 15, 2017, for Riverbed to record the sale of receivables, assuming the recourse liability has a fair value of $3,700
There will also be $250,000 in out-of-pocket costs to the corporation. Compute the EPS immediately before the stock issue
Finished goods inventory at the end of November was 2,000 units. Desired ending finished goods inventory is equal to 25 percent of the next month's sales.
How should this account be adjusted and what other account is adjusted on January 31 before financial statements are prepared for the current month
Goodwill was not impaired in any period. The plant and equipment had a further 5-year life at acquisition date and was expected to be used evenly over that time
The market price of the share was P25 and P28 on December 31, 2017, and 2018. What amount should be reported as liability
Movelt Corporation is the world's leading express-distribution company. In addition to the world's largest fleet of all-vargo airraft the company has more than 54,000 ground vehicles that pick uo and deliver packages.
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