Reference no: EM133183955
Question - Yellow Company reported net income for 2021 at P1,550,000 before any adjustments. Upon inspection of the records, the following facts were discovered for a for the year ended December 31, 2021.
A fire insurance premium of P40,000 was paid and charged as insurance expense for 2021. The fire insurance policy covers one year from April 1, 2021.
Inventory on January 1, 2021 was understated by P80,000. Inventory of December 31, 2021 was understated by P120,000.
Taxes of P60,000 for the fourth quarter of 2021 were paid on January 20, 2022 and charged as expense of 2022.
On December 5, 2021 a cash advance of P100,000 by a customer was received for goods to be delivered in January, 2022. The amount of P100,000 was credited to sales.
Required - What amount should be reported as net income for 2021?
|
Determine the amount of the loan outstanding
: If the interest rate on the loan is 12%, perform loan amortization calculation that will allow you to determine the amount of the loan outstanding
|
|
Data warehouses and dashboards
: Discuss a data warehouse and the benefits for the tourism board? discuss an executive reporting dashboard's benefit.
|
|
Define a set of suitable organizational goals
: Read Middleboro Casebook Case #9, Hillsboro County Health Department. The Hillsboro County Health Department (HCHD) is a component of county government, charged
|
|
Defining the competitive environment
: Provide Updated information on Starbucks. Provide an external, internal analysis and recommended strategy per instructions below.
|
|
What amount should be reported as net income
: Taxes of P60,000 for the fourth quarter of 2021 were paid on January 20, 2022 and charged as expense of 2022. What amount should be reported as net income
|
|
What is the balance in the investment in smith account
: Harled Company purchases all of Smith's common stock on January 1, 2018, for $14,520,000. What is the balance in the investment in Smith account
|
|
How do you start an ecommerce business
: Make sure you do your research before you start your business. Figure out what products and services you're going to sell and look into the market, target audie
|
|
Determine for december the amount of earnings per share
: The Common Stock account for Baltimore Corporation on January 1, 2020 was $70,000. Determine for December the amount of Earnings per Share
|
|
Calculate the geometric average return
: Suppose a mutual fund results in the following 5-year return values: 1.48% (2016), 10.59% (2017), Calculate the geometric average return
|