User Account

All Pages

What amount of sales revenue should be reported

Assignment Help Accounting Basics
Reference no: EM132835922

Question - A. Pancho Company provided the following information for the current year:

Cash Sales Gross, 2,000,000

Returns and allowances, 100,000

Credit Sales

Gross, 3,000,000

Discounts 150,000

Customers owed P1,000,000 on January 1 and P750,000 on December 31. The entity used a direct write off method for bad debts.

No bad debts were recorded in the current year.

Under the cash basis of accounting, what amount of sales revenue should be reported for the current year?

B. Shanell Company reported the following balances:

December 31 January 1

Inventory 2,600,000 2,500,000

Accounts Payable 750,000 400,000

The entity paid suppliers 4,900,000 during the current year.

What is the amount of purchases and cost of goods sold under accrual basis?

Reference no: EM132835922

Questions Cloud

What cash flows will you pay and receive : If the bond's yield to maturity was 4% when you purchased and sold the bond, what cash flows will you pay and receive
Discuss briefly the features of mudarabah : i) Discuss briefly the features of Mudarabah? What is Multi-purpose mudarbah?
What is the required return of hamid corporation stock : The risk-free rate of interest is 4 percent and the market risk premium is 9 percent. What is the required return of Hamid Corporation's stock?
Advantages and disadvantages of selling securities : What are the advantages and disadvantages of selling securities to the public? Do you think that companies should strive to go public?
What amount of sales revenue should be reported : Under the cash basis of accounting, what amount of sales revenue should be reported for the current year
How does room arrangement relate to curriculum planning : How does room arrangement relate to curriculum planning? What factors must be taken into consideration when planning appropriate learning environments.
Find what must? lisa annual deposit? be : What must? Lisa's annual deposit? be? Lisa Simpson wants to have ?$1,700,000 in 50 years by making equal annual? end-of-the-year deposits
What features of outlook could you use in your job : For the purpose of this question, assume you work in a medical office environment in some capacity. Provide a job description in order to complete the following
Compare two science and engineering practices : Create an 8-10 slide digital presentation that you could share with your peers who teach in another content area. Describe and compare two Science.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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