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Question - Gross Method VS. Net Method - On January 1, 20x1. Entity A purchases inventory with a list price of P200,000 on account under credit terms of 20%, 10% trade discounts and is eligible to receive 5% cash discount if the amount is paid within 10 days; full payment must be made in 25 days. Entity A pays settles half of the invoice price on January 10, 20x1 and the remaining half on January 31, 20x1. The requirements for this problem is to prepare the journal entries under (a) gross method and (b) Net Method. And in this problem we will be using the periodic inventory system so expect that we will use purchases and purchase discount instead of inventory account.
Juan Gonzalez, a single person working for Harla, Inc., will earn $48,000 in 2015 and contribute $7,000 to the firm's 401(k) plan. If Juan is in the 25% tax.
product a requires 5 machine hours per unit to be produced product b requires only 3 machine hours per unit and the
Explain the different activities involved in planning an audit. When is planning actually performed by the auditor? Why is planning an audit important?
a company using activity based pricing marks up the direct cost of goods by 30 plus charges customers for indirect
How much is deductible as a repair expense? Come Fly Away, Inc. owns helicopters that are used in a Grand Canyon tour business.
In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2010.
ljb company a local distributor has asked your accounting firm to evaluate their system of internal controls because
Issued 5,000 ordinary shares at P45 per share, less cost related to the issuance of the share totalling P7,000.00
What can be done about Liona? Liona's role includes managing the business affairs of the firm, and she is very worried about the amount of fees outstanding
What are the Bramble Corp.'s journal entries to record the extinguishment of 3,000 bonds by the issuance of common shares on March 1, 2021.
Kathleen Cole Inc. acquired the following assets in January of 2005. Prepare the journal entry to record depreciation expense for the building in 2008
southern atlantic distributors began operations in january 2013 and purchased a delivery truck for 20000. southern
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