Reference no: EM133151986
Questions -
Q1. On July 1, 2022, Kim Seok-jin Company purchased a machinery from a dealer paying P2,310,000 cash. In addition, a P150,000 transaction cost was incurred to bring the machinery in the company's premises. Using the conceptual framework, how much is the historical cost of the machinery?
Q2. Taehyung Company provided the following data: On January 1, the company's account receivable and accounts payable were P1,200,000 and P1,500,000, respectively. On December 31, account receivable and accounts payable are P1,350,000 and P1,850,000, respectively. During the current year, accounts written off amounted to P100,000. Sales returns totaled P250,000, of which P50,000 was paid to customers. Cash receipts from customers after P500,000 sales discount amounted to P8,000,000. Cash payments to trade creditors totaled P5,000,0000 after purchase discount of P200,000. Purchase returns amounted to P400,000, of which P100,000 was received from supplier. Under accrual, what amount should be reported as gross sales?
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Prepare required journal entry to adjust income tax expense
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Real-personal and intellectual property
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What amount should be reported as gross sales
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