User Account

All Pages

What amount of purchases should be

Assignment Help Financial Accounting
Reference no: EM132601699

On July 1, an entity recorded purchases of P3,000,000 and P2,000,000 under credit terms of 2/15, net 30. The payment on the P3,000,000 purchase was remitted on July 16. The payment on the P2,000,000 purchase was remitted on July 31. What amount of purchases should be included in the determination of cost of goods available for sale?

Question 1. Under gross method?

a. 5,000,000

b. 4,900,000

c. 4,940,000

d. 4,960,000

Question 2. Under net method?

a. 5,000,000

b. 4,900,000

c. 4,940,000

d. 4,960,000

Reference no: EM132601699

Questions Cloud

What amount should be reported as accounts payable : What amount should be reported as accounts payable on December 31, 2020? An entity reported accounts payable of P4,000,000 on December 31, 2020
Describe project management practices : Describe project management practices, implementation and competencies of the project team that result in success and/or failure in the given project
What is Derek basis in the house that he can use : Question - Derek inherited a summer beach house in the Hamptons from his mother. What is Derek's basis in the house that he can use to depreciate
How has it shaped your thinking on public policy : Since this is the final course in your journey through the PPA program, it is worth reflecting on what you are learning and how it connects with work you have.
What amount of purchases should be : The payment on the P2,000,000 purchase was remitted on July 31. What amount of purchases should be included in the determination of cost of goods available
Compute total factory overhead to allocated to each product : Using the multiple production department factory overhead rate method, compute the total factory overhead to be allocated to each product
What is the full remittance from the customer : The entity prepaid P100,000 of delivery cost for the customer as an accommodation. On June 11, 2020, what is the full remittance from the customer?
Prepare year-end adjusting entries for transactions : The company recorded the $25,500 payment as a prepaid expense. Prepare year-end adjusting entries for transactions 1 to 3
What amount should the inventory at year-end be reduced : At what amount should the inventory at year-end be reduced? Goods out on consignment at sale price, including 40% markup on cost 1,400,000

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

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

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.

  Financial accounting assignment

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

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

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 frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

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

Computation of Free Cash Flow

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