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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?
Summarise the difference when an entity holds 1% of another entity vs 20% vs 50% vs 80% vs 100% in relation to the different types of investments.
During the month of March, the Easter Bunny produced 10,000 chocolate eggs. What is the Easter Bunny’s breakeven in units? In dollars? How many units would the Easter Bunny need to sell if he wanted to make target profit of $10,000? What would his sa..
Nike has 100 million shares of preferred stock outstanding, 475 million shares of common stock outstanding, and the face value of their debt on the balance sheet is $12 billion. Their 20--year debt has a 3.5% coupon rate and the latest quote on thei..
Determine the present value of this investment using a 10% annual interest rate. (Round your answer to nearest whole dollar.)
Why would a company pay to have its public debt rated by a major rating agency (such as Moody's or Standard and Poor's)? Why might a firm choose not to have its debt rated?
Mau Corporation stock currently sells for $58.32 per share. The market requires a return of 11.5 percent on the firm's stock. If the company maintains a constant 5 percent growth rate in dividends, what were the most recent dividends, what was the mo..
Compute the company's return on investment (ROI). What would be the company's ROI in this scenario? Prepare a report showing the company's activity variances for December.
Each $1,000 bond is convertible into 50 common shares. The net income for 2020 was $1,000,000 and income tax rate was 30%. Basic earnings per share for 2020 is
Michelle, a single individual, reports 2015 adjusted gross income of $280,000 and has the following itemized deductions before applicable limitations. What are Michelle’s itemized deductions for regular tax purposes? What are Michelle’s itemized dedu..
How many orders will be placed each year? Round the answer to the whole number.Cheesburger and Taco Company purchases 14,994 boxes
Cupola Fan Corporation issued 12%, $580,000, 10-year bonds for $552,000 on June 30, 2013. Debt issue costs were $3,300. Interest is paid semiannually on December 31 and June 30. The corporation uses the straight-line method both to determine interest..
Madam Malkin’s Robes for All Occasion end-of-year account information consisted of the following amounts: net sales $750,000; cost of goods sold $450,000; interest expense $18,000; Calculate the following Total assets, Total liabilities, Is Madam Mal..
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