Kebi Corp is a vat-registered dealer of appliances. The following data are for the last quarter of the year: Sales, total invoice value 6,920,000 Purchases, net of input taxes 5,500,000 Sales return, total invoice value 200,000 Purchase return, net of VAT 300,000 Deferred input taxes (carried over from the 3rd quarter of the year) 12,000

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A: Actual sales = Total sales / (1 + Sales tax rate)

Q: In August​, Designs sold 520000 of​ merchandise; all sales were in cash. The cost of sales for…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

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A: Under the direct write off method, the identified debtor is written off out of accounts receivable…

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A: SALES VALUETotal Sales Value Includes Sales Price Plus Sales Tax.Sales Tax Computed :=  Sales Value…

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A: Net sales = Total sales - Sales discount - Sales return - Sales allowance

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Q: Additional information follows: 1. Other expenses, which are paid monthly, include $3,500 of…

A:

Q: Savings Company made total purchases of $270,000 in the most current year. It paid freight in of…

A: Answer  Computation of savings cost of inventory  Formula  =;  Cost of inventory      = Gross…

Q: Widden Company, which sells electric razors, had $360,000 of cost of goods sold during the month of…

A: The budget is prepared to estimate the requirements for the period. The purchase budget is prepared…

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A: COST OF GOODS SOLD   Cost of goods sold is the total amount your business paid as a cost directly…

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A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash.The cost of sales for…

A: Record the journal entries for the monthly sales, cost of sales:

Q: d.                                                             Cash Receipts…

A: Jan Feb Mar   Total Sales Value         90,000        1,10,000        1,20,000   Sale in…

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Q: Essence of Skunk Fragrances, Limited, sells 9,300 units of its perfume collection each year at a…

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Q: Milton Company provides this information for the month of November, 2008: sales on credit P150,000;…

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Q: Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales…

A:

Q: Benson Company, which sells electric razors, had $300,000 of cost of goods sold during the month of…

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Q: Dexter, Incorporated, had a cost of goods sold of $43,921. At the end of the year, the accounts…

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