You are engaged to perform an audit of the Nadir Corporation for the year ended December 31, 2021. You have decidedto perform the following cutoff test for payables and accruals. Select all items greater than P25,000 for two business daysbefore and after year-end from the purchases journal and ensure that all transactions are recorded in the proper period.During your firm's observation of Nadir's physical inventory you obtained the following cutoff information: the last receivingreport number in 2021 was 49745. Your audit work identified the following items for further investigation:Selections from the December 2021 Purchase JournalVendor NameDateRR#49472AmountExplanationP 29,875 Chemicals purchased for manufacturing process.P 45,000 Payment for consulting services for the three-monthperiod beginning December 1, 2021. The P45,000was charged to consulting expenses.P205,000 Raw materials used in the manufacturing process.12/3012/31Jeff ChemicalsNoneAbed Consulting12/3149744Britta MaterialsSelections from the January 2022 Purchase JournalVendor NameTroy TrucksPierce ProductsDateExplanationRR#4974649743AmountP75,985 Purchase of a new forklift.P42,000 Paper products used in manufacturing process.P32,450 December 2021 telephone bill01/0101/0101/02NoneGlobe Telecom, Inc.Required:For each of the six items provided in the table above, consider whether there is evidence of proper cutoff of payables andaccruals (i.e., the transaction is recorded in the proper period). If the item is not properly recorded, prepare the necessaryadjusting entries at December 31, 2021.

Adjusting Journal Entry The purpose of providing the adjusting journal entry to include all the…

Date RR# Vendor Name Amount Explanation Troy Trucks Pierce Products P75,985 Purchase of a new forklift. P42,000 Paper products used in manufacturing process. P32,450 December 2021 telephone bill 01/01 49746 01/01 49743 01/02 None Globe Telecom, Inc. Required: For each of the six items provided in the table above, consider whether there is evidence of proper cutoff of payables and accruals (i.e., the transaction is recorded in the proper period). If the item is not properly recorded, prepare the necessary adjusting entries at December 31, 2021.

Date RR# Vendor Name Amount Explanation Troy Trucks Pierce Products P75,985 Purchase of a new forklift. P42,000 Paper products used in manufacturing process. P32,450 December 2021 telephone bill 01/01 49746 01/01 49743 01/02 None Globe Telecom, Inc. Required: For each of the six items provided in the table above, consider whether there is evidence of proper cutoff of payables and accruals (i.e., the transaction is recorded in the proper period). If the item is not properly recorded, prepare the necessary adjusting entries at December 31, 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question 6 (22 pts): Margin Account Assume you buy one July '23 KC HRW contract today at $5.2875; its initial is $2,310 with a maintenance of $2,100. o Today - July KC HRW settles at 528'6. What do you deposit in the margin account? o Session 2-July KC HRW settles at 520'2 What is the gain or loss from session 2? What is the balance? Is there a margin call? If so, what is it? o Session 3-July KC HRW settles at 526'6 What is the gain or loss from session 3? What is the balance? Is there a margin call? If so, what is it? o Session 4 - Offset July KC HRW at 536'4 What is the gain or loss from session 4? What is the balance? Is there a margin call? If so, what is it? o Session 5 - Offset July KC HRW at 530'0 Calculate the profit or loss on the trade.
What is the adjusted balance of accounts payable on December 31, 2021? a. P158,000 b. P138,000 c. P118,000 d. P108,000
Current Attempt in Progress Sunland Company collected $15760 in May of 2021 for 4 months of service which would take place from October of 2021 through January of 2022. The revenue reported from this transaction during 2021 would be: O $0. O $11820. O $15760, O $3940. Save for Later Attempts: 0 of 1 used Submit Answer
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Question Prepare the statement of profit or loss of Amazing Enterprise for the year ended 30 April 2021.
please dont provide answer in image format thank you Are there any calculations involved in the Profit or Loss statement ending on 30 June 2023? It says: 1. Warranty expense of $1,290,000. The balance of the provision for warranty at 30 June 2022 was $690,000. Of the balance of this provision at 30 June 2023, 65% is expected to be used by 30 June 2024. 2. $9,430,000 for employee expenses. This includes annual leave expense of $783,000. The balance of the provision for annual leave at 30 June 2022 was $1,230,000. 3. The carrying amount of the shop furniture and fittings sold in March 2023 of $740,000. This is comprised of cost of $2,250,000 less accumulated depreciation to date of sale of $1,510,000.
Problem 2-20 (IFRS) William Company operates a customer loyalty program.The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2020,the entity issued 100,000 award credits and expects that 80% of these award credits shall be redeemed. The total stand-alone selling price of the award credits granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P8,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows: Redeemed Expected to be redeemed 2020 30,000 80% 2021 15,000 1. What is the revenue from points for 2020? a. 1,600,000 b 1,500,000 C. 600,000 d 480,000 2. What is the revenue from points for 2021? a.240,000 B.200,000 C. 120,000 d 0
Subject/Course: Financial Accounting.
None
Please don't provide answer in image format thank you
None
3. The balance in Viray Company's accounts payable account at December 31, 2021 was P900,000, before any necessary year-end adjustment relating to the following: a. Goods in transit from a vendor to Viray on December 31, 2021. The invoice cost was P50,000, and the goods were shipped FOB Shipping point on December 29, 2021. The goods were received on January 4, 2022. b. Goods shipped FOB shipping point on December 20, 2021 from a vendor to Viray was lost in transit. The invoice cost was P25,000. On January 5, 2022, Viray filed a P25,000 claim against the common carrier. c. On December 31, 2021, Viray has a P20,000 debit balance in accounts payable to a supplier resulting from an advance payment for goods to be manufactured. What amount should be reported as accounts payable on its December 31, 2021 financial statement?