Reference no: EM132936309
Question - You are given the following information relating to ABV Co., a merchandising company:
Gross profit base on sales 20%
Accounts receivable, Dec. 31, 2019 P 80,000
Collections on accounts receivable in 2020 P 430,000
Cost of goods available for sale in 2020 P 460,000
Merchandise inventory, Dec. 31, 2020 P 100,000
Assuming all sales were on account, what was the company's Accounts Receivable balance on Dec. 31, 2020?
|
How much should mihir list as an equipment asset on year
: How much should Mihir list as an equipment asset on his year end financial statements? On the last day of the year Mihir installs new equipment
|
|
Which are assets for itay corp
: Which are assets for Itay Corp? $1,000 spent on a stereo system for cows. Research has shown that cows produce more milk when they listen to classical music
|
|
What was the company Accounts Receivable balance on Dec
: Assuming all sales were on account, what was the company's Accounts Receivable balance on Dec. 31, 2020
|
|
Should doran include on the financial statements
: However, their attorneys tell them it is probable they will have to pay. How much, if any, liability should Doran include on their financial statements?
|
|
What was the company Accounts Receivable balance
: Gross profit base on sales 20%. Assuming all sales were on account, what was the company's Accounts Receivable balance on Dec. 31, 2020
|
|
How will impact taylor month end financial statements
: At the end of September, Taylor owes its accounting and legal employees $130,000. How will this impact Taylor's month end financial statements?
|
|
What the correct cash account balance for the balance sheet
: Currencies and coins awaiting deposit- P52,000; Deposit in bank closed by Central Bank- P60,000. What the correct cash account balance for the balance sheet
|
|
Why is the budget given much importance at the government
: Consider the for both government and non-profit entities. Why is the budget given this much importance at the government and non-for-profit levels?
|
|
Compute the gain or loss recognized by BTS on the sale
: Accrued interest was appropriately recorded prior to discounting. Compute the gain or loss recognized by BTS on the sale of notes receivable
|