Please answer the following questions. Thankyou 2018. The bookkeeper of the client provided you the following summarized data taken directlyYou were assigned to audit the books of BACOLOD CORP. for the period ended December 31,from its records:Sales for cashTotal cash collected from charge customersCash purchases of merchandiseCredit purchases of merchandiseExpenses paid in cashAccounts receivable, January 1Accounts receivable, December 31Bad debt expenseRecovery of bad debtsAllowance for doubtful accounts, January 1Allowance for doubtful accounts, December 31Accounts payable, January 1Accounts payable, December 31Merchandise inventory, January 1Merchandise inventory, December 31Accrued expenses, December 31Prepaid expenses, December 31Furniture and equipment, at costInterest receivedAccrued interest income, January 1Purchase returnsPurchase discountsCHAPTER 11-PROBLEM 8:Requirements:1. What is the correct net sales for the year?2. What is the correct cost of sales for the year?3. How much is the correct depreciation expense for the year?4. What is the net income for the year?P7,500,0002,550,0005,100,0001,200,0002,250,000750,0001,200,000100,00025,000125,000175,000450,000600,0001,500,0001,800,00060,00090,0003,000,000120,00030,000120,000210,000Additional information:The furniture and equipment which had an estimated useful life of 10 years wereacquired on July 1, 2015 and were estimated to have a 10% salvage value based on cost. Thecompany uses the double declining balance method in computing the depreciation.

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Answered: 1. What is the correct net sales for…

1. What is the correct net sales for the year? 2. What is the correct cost of sales for the year? 3. How much is the correct depreciation expense for the year?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...

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Concept explainers

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.

Question

Please answer the following questions. Thankyou

2018. The bookkeeper of the client provided you the following summarized data taken directly
You were assigned to audit the books of BACOLOD CORP. for the period ended December 31,
from its records:
Sales for cash
Total cash collected from charge customers
Cash purchases of merchandise
Credit purchases of merchandise
Expenses paid in cash
Accounts receivable, January 1
Accounts receivable, December 31
Bad debt expense
Recovery of bad debts
Allowance for doubtful accounts, January 1
Allowance for doubtful accounts, December 31
Accounts payable, January 1
Accounts payable, December 31
Merchandise inventory, January 1
Merchandise inventory, December 31
Accrued expenses, December 31
Prepaid expenses, December 31
Furniture and equipment, at cost
Interest received
Accrued interest income, January 1
Purchase returns
Purchase discounts
CHAPTER 11-PROBLEM 8:
Requirements:
1. What is the correct net sales for the year?
2. What is the correct cost of sales for the year?
3. How much is the correct depreciation expense for the year?
4. What is the net income for the year?
P7,500,000
2,550,000
5,100,000
1,200,000
2,250,000
750,000
1,200,000
100,000
25,000
125,000
175,000
450,000
600,000
1,500,000
1,800,000
60,000
90,000
3,000,000
120,000
30,000
120,000
210,000
Additional information:
The furniture and equipment which had an estimated useful life of 10 years were
acquired on July 1, 2015 and were estimated to have a 10% salvage value based on cost. The
company uses the double declining balance method in computing the depreciation.

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Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of December 2016 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.
2018. The bookkeeper of the client provided you the following summarized data taken directly You were assigned to audit the books of BACOLOD CORP. for the period ended December 31, from its records: Sales for cash Total cash collected from charge customers Cash purchases of merchandise Credit purchases of merchandise Expenses paid in cash Accounts receivable, January 1 Accounts receivable, December 31 Bad debt expense Recovery of bad debts Allowance for doubtful accounts, January 1 Allowance for doubtful accounts, December 31 Accounts payable, January 1 Accounts payable, December 31 Merchandise inventory, January 1 Merchandise inventory, December 31 Accrued expenses, December 31 Prepaid expenses, December 31 Furniture and equipment, at cost Interest received Accrued interest income, January 1 Purchase returns Purchase discounts us the CHAPTER 11-PROBLEM 8: 4. What is the net income for the year? P7,500,000 2,550,000 5,100,000 1,200,000 2,250,000 750,000 1,200,000 100,000 25,000 125,000…
please answer the following questions. Thank you
IN GOOD ACCOUNTING FORM
1. In connection with the audit of NMD Inc. financial statements, the following data was gathered in connection to its accounts receivable for the year ended December 31, 2019. Accounts Receivable, Jan. 1, 2019 720,000 Allowance for Doubtful Accounts, Jan. 1, 2019 28,800 Sales during the year, all on account, terms 2/10, 1/15, n/60 3,600,000 Cash received from customers 3,840,000 Accounts written off 33,600 An analysis of the cash received from customers during the year revealed that P2,116,800 was received from customers availing the 10-day discount period, P1,188,000 from customers availing the 15-day discount period, P6,840 represented recovery of accounts written off, and the balance was received from customers paying beyond the discount period. NMD's year-end balance of allowance for doubful accounts was estimated to be 5% of the outstanding accounts receivable as of December 2019. How much is the accounts receivable as of December 31, 2019? a.460,800…
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Subject - account Please help me. Thankyou
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