How much is the accounts payable credited if the company purchased merchandise on February 23, 2020, with a P310,000 list price, P10,000 shipping costs, terms of FOB Destination, freight collect, 2/10, 3/15, n/30, and paid in full on March 5, 2020? Your answer
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- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was shipped FOB destination, and the second for 4,000 was shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019. Required: Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?Under the periodic inventory system, what account is debited when an estimate is made for the cost of merchandise inventory sold this year, but expected to be returned next year? (a) Estimated Returns Inventory (b) Sales Returns and Allowances (c) Merchandise Inventory (d) Customer Refunds Payable
- Under the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) Saleshello. could you please kindly assist on the third question from the below? ------ At the end of December 2020, the accounting records of XYZ firm present the following transactions for a particular merchandise that sold at €20 per unit: Transaction Units Amount Inventory, 1/12/2020 200 2,000 € Purchase, 10/12/2020 150 1,800 € Purchase, 15/12/2020 120 1,800 €Purchase, 23/12/2020 170 2,720 € Sale 180 Sale 120 In addition, the level of operating expenses in December is €1,500 and the tax rate is 20%. The firm has decided to distribute the after-tax profits to shareholders. Required: 1. If XYZ firm uses a periodic inventory system, prepare a summarized income statement for December 2020 under each inventory cost flow assumption: (a) weighted average, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was out of the beginning inventory and the second sale was out…Cruise Industries purchased $10,800 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Instructions a. Assuming that Cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. b. Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. c. At what amount would the purchase on February 1 be recorded if the net method were used?
- What is recorded as Sales if a company sold merchandise on February 19, 2020, with a $540,000 list price, terms of 20%, 10%, 1/10, 2/15, 3/20, n/30, and collected in full on March 1, 2020? Your answerA. At the end of December 2020, the accounting records of XYZ firm present the following transactions for a particular merchandise that sold at €20 per unit: Transaction Units Amount Inventory, 1/12/2020 200 2,000 € Purchase, 10/12/2020 150 1,800 € Purchase, 15/12/2020 120 1,800 €Purchase, 23/12/2020 170 2,720 € Sale 180 Sale 120 In addition, the level of operating expenses in December is €1,500 and the tax rate is 20%. The firm has decided to distribute the after-tax profits to shareholders. 1. If XYZ firm uses a periodic inventory system, prepare a summarized income statement for December 2020 under each inventory cost flow assumption: (a) weighted average, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was out of the beginning inventory and the second sale was out of the December 23 purchase. Exhibit inventory calculations in detail. 2. Which…On December 20, 2020, Guijo Company purchased goods with a list price of P810,000 from a supplier. The term of the purchase was 10, 3/10, 1/20, n/30. The account was fully paid on January 4, 2021. If Guijo used the gross method in recording its purchases, how much is the net amount of Accounts Payable to be reported on the 2020 Balance Sheet?
- On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect. Amount of freight cost is P1,000, The amount of Accounts Receivable to be recorded on the date of purchase will be⚫On January 1,2021, Wackisan Co. sells inventory with list price of ₱100,000 on account under credit terms of 15%, 20%, 3/10, n/30. Based on the above data, answer the following: 1. Under the gross method, how much should be debited to Accounts receivable on January 1,2021? a. ₱100,000 c. ₱68,000 b. ₱85,000 d. ₱65,960 2. Under the net method, how much should be debited to Accounts receivable on January 1,2021? a. ₱100,000 c. ₱68,000 b. ₱85,000 d. ₱65,960Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $55,000 with terms 4/15, n/45. On June 12, 2020, Sheffield received full payment for the June 1 sale.Prepare the required journal entries for Sheffield Co.
