Reference no: EM133096539
Questions -
Q1. R and Company accepted from a customer a P4,000,00, 90 day, 12% interest-bearing note dated August 31, 2020. On September 30, 2020, the entity discounted the note with recourse at the Apex State Bank at 15%. However, the proceeds were not received until October 1, 2020. The discounting with recourse is accounted for as a conditional sale with recognition of contingent liability. What is the amount received from the discounting of note receivable?
Problem continuation: R and Company - What is the loss on note receivable discounting?
Q2. Soju Company took a physical inventory at the end of the year and determined that P1,900,000 of goods were on hand. In addition, the entity determined that P240,000 of goods purchased were in transit shipped FOB destination. The goods were actually received three days after the inventory count. The entity sold P100,000 worth of inventory FOB Destination. Such inventory is in transit at year end. What amount should be reported as inventory at year end?
Q3. Inan Company provided the following data: Items counted in the bodega P4,000,000; Items included in the count specifically segregated per sale contract P100,000; Items in receiving department, returned by customer, in good condition P 50,000; Items ordered and in the receiving department P400,000; Items ordered, invoice received but goods not received. Freight is on account of seller P300,000 ; Items shipped today invoice mailed FOB Shipping point P 250,000; Items shipped today, invoice mailed FOB Destination P150,000; Items currently being used for window display P200,000; Items on counter for sale P800,000; Items in receiving department, refused because of damage P180,000; Items included in count damaged and unsalable P50,000; Items in shipping department P250,000. What is the correct amount of inventory?
Q4. Bria Company took a physical inventory at the end of the year and determined that P2,600,000 of goods were on hand. In addition, the entity determined that P200,000 of goods purchased in transit shipped FOB shipping point are actually received two days after the physical count and that the entity had P300,000 of goods out on consignment. What amount should be reported as inventory at year end?
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Explain the process of closing the books
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Discuss the interplay between training and development
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What amount should be reported as inventory at year end
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Normalized value of indicator
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What is the amount of the journal entry
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