366,939 323,664 41,546 55,671 231,261 202.930 135,678 120,734 106,150 103.013 29,527 17,720
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- Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? O a. OMR 120000 O b. OMR 245000 O c. OMR 125000 O d. OMR 20000038 BB Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…100 l 6 2 2_524467555402776... Q1_ The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Sales Purchases commission Purchases Balance 830 000 18 000 |480 000 90 000 2 000 000 165 00 Accounts Balance 7 000 Repair Interest received 25 000 Revenue 70 000 Purchases return Sales allowance 20 000 Creditors Freight out Loan 3 000 000 Import customs 22 000 Purchases allowance 25 000 Beginning inventory 90 000 Purchases discount Building 10 000 5 000 000 Sales discount 8 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission |21 000 Salaries 120 000 ighting Purchases expenses Depreciation cash 14 000 Rent 80 000 |26 000 18 000 Sales return 12 000 Bank 10 000 000 1 200 000 Debtors 2 000 000 Ending inventory 65 000 Capital Ins: 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)
- 2:31 G ileo The following are taken from the records of Debit Credit Sales P764985 Purchase Discount 8200 Purchase returns and allowances 5465 Purchases 159990 Freight-in 9180 Sales Discount 13300 Sales returns and allowances 5455 Depreciation expense Amortization expense 25000 10000 Salarics cxpcnsc Utilities expense Advertising cxpensc Rent expense 80000 55000 35000 60000 Interest incomc 5440 Interest expense 5677 Gain on salc of PPE 5465 Bad debts expense ? Humility Company for the year ended December 31, 2019: Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: а. Net sales b. Net purchases I U A II BYE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon03 Nbch z02 CSSWOK • CASH TRANSACTIONS • WORK WITH ACTIVITY • Credit Card Transaction • On 17 April 2021 AK Traders sold goods for R340 by credit card to M Moody. The cost price on goods sold, R260. CASH RECEIPTS JOURNAL OF AK TRADERS- APRIL 2016 Doc CRJ1 Cost Details F Analysis No Of receipts Bank Sales Of Sales 01 Ac Troder GENERAL LEDGER OF AK TRADERS BALANCE SHEET ACCOUNTS SECTION DR TRADING STOCK B5 CR NOMINAL ACCOUNTS SECTION DR SALES N1 CR DR COST OF SALES N2 CR Banis EFFECT ON THE ACCOUNTING EQUATION Account Account credit A Source document Debit E AV +1
- 12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 X BANK DTH DOLAR XXX120 02 INTERNATIONAL BUYER XXX646 02 IR. CHANGE DIFFERENCE XXXWhich transaction does the journal entry belong to? A) Collection record of the export in the current periodB) Import fee transfer recordC) Foreign income registrationD) Recording of the return of the export priceE) Registration of collection in the next period of the exportBUS 038 : Business Computations13 Which type of discount (trade discount or cash discount) is given as an incentive to pay the seller promptly? 14. Series discounts are a form of trade discount. (T or F) For Problems 15-19 assume that you purchase goods with a list price of $455 and a trade discount of 25%. The invoice is dated October 3 with terms of 3/15, n/45. 15. What is the net price after trade discount?OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
- The contra revenue account that represents the reduction in the amount paid by a credit customer if payment is made within a specified period of time is known as which of the following: O Contra revenue account O Sales allowance account O Sales discount account O Allowance for uncollectible accounts ASUS f3 f4 f5 f6 f7 f8 f9 f10 f11 区 ロ/京 %24 & 3 4. 7. 8 9. 01 Y U G H. J K 16 5 图4. B Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $