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Questions -
Q1) ABC Department store had the following credit card transactions related to year 2020: - Total sales charged by customers are as follows: Eastwest bank P 1,000,000 BDO 750,000 Credit card receipts charged to BDO are credited directly to ABC Department store, net 3% of service charge. Eastwest bank charges also a credit card service charge of 3% upon deposit to ABC Department store. At the end of the year, no collections yet were received from Eastwest bank. How much accounts receivable must be recognized at year end related to the credit card sales during the year?
Q2) On January 1, 2020, BTS Company engaged in the following transactions: a. Obtained a P1,000,000, six-month loan from Kpopbank. Discounted at 12%. The company pledged P1,000,000 of accounts receivable as security for a loan. b. Factored P2,000,000 of accounts receivable without recourse on a notification basis with Dynamite Family Financing Company. Dynamite Family charged a factoring fee of 2% of the amount of receivable factored and withheld 10% of the amount factored. What is the total cash received from financing of receivables?
the schroumldinger science store operates a retail store in a local shopping mall.the results of operations for the
On December 31, 2009, Marsh Company held 1,000 shares of X Company common stock in its portfolio of long term investments in available for sale securities
Indicate if assessable income has been derived and when it was derived in the above situations. A landlord receives rent in advance from his tenants.
What amount of net operating loss will be available to Taylor for the year ended December
Johnson Marine has the following costs and expected sales from the coming year. If Johnson determines prices so as to receive a desired return on assets of 15%
What are the total amount financed and the total finance charge that Adel paid at the end of the 60 months? Installment, Mortgage, and Amount financed
Determine the number of shares to be added to the weighted average number of shares in the calculation of the fully diluted earnings
charles is a single person age 35 with no dependents. in 2010 charles has gross income of 75000 from his sole
the contribution format income statement for strickland inc. for its most recent period is given below
Chartering activities and incurred $11,600 of expenses associated with their boating and parasailing. What tax issues should Katie and Alan consider?
Assume that a valuation allowance of $100 million is recorded. Is there a tax provision on the $20 million of income from discontinued operations?
The company is considering buying this component from a supplier for $3.70 per unit. Calculate the total incremental cost of making 50,500 units
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