Martinez Corporation had January 1 and December 31 balances as follows. 1/1/20 12/31/20 Inventory $94,000 $108,000 Accounts payable 69,000 78,000 For 2020, cost of goods sold was $440,000. Compute Martinez’s 2020 cash payments to suppliers. Cash payments to suppliers $
Q: Simple interest 1. If 30,000Pesos accumulates to 30,412.50!at 8 ¼ % simple interest, how many days a...
A:
Q: In the statement of cash flows using indirect method, depreciation is treated as an adjustment to re...
A: Depreciation expense represents the cost of tangible asset allocated over the useful life of asset. ...
Q: On March 3, 2022, Tagaventah sold to Tagavilly 5 units of mobile phones at P12,000 each with terms o...
A: 1. Journal Entries - Journal Entries are the way of recording the transactions. It is four column jo...
Q: What total amount should be reported as on December 31, 2021? adjusting events
A: Auditing refers to the process of inspecting or examining the financial records and statements of th...
Q: Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Prope...
A: The question is based on the concept of Financial Accounting.
Q: Nictorious Company manufactures two types of Electronic Toy, the Regular and SuperPro. The following...
A: Overhead cost per activity = Total overhead cost for the activity / No. of activity
Q: 4. Ryan Roque Steel Company manufactures steel products. During the current period, an order for 30,...
A: Calculation of cost per unit is an important aspect of cost accounting. Effective cost per unit is t...
Q: 1,200 Depreciation, $700. b. Prepaid rent expires, $200 Interest expense accrued, $100. Employee sal...
A: Introduction: The amount earned by an individual or corporation after subtracting costs, allowances,...
Q: The following information is related to ABC Corporation, which is undergoing liquidation: Bonds paya...
A: Total Assets Assets P480,000 Less: Prepaid Assets P7,600 Less: Goodwill P22,000 Add: Asset...
Q: ABC Company uses standard costing for each specialized product. The following information is availa...
A: Labor efficiency variance = (Actual hours worked - Standard hours allowed) x Standard rate per hour
Q: Cari Furniture has the following information in respect of Coffee tables for 2021: Production specif...
A: Introduction:- A budget is an estimate of revenue and expenses for a certain future period of time t...
Q: What is the course of action (s) can be used to prevent fraudulent financial reporting in stock mark...
A: Fraudulent financial reporting Reckless conduct, acts, or omissions, or Intentional misrepresentati...
Q: The following accounts with debit balances are induded on the year end trial balance of Dak, Inc Pre...
A: Advertising expense applicable to future periods is $ 3,000. It means out of prepaid advertising ($...
Q: The December bank statement, which has a beginning balance of P96,800, is reproduced below: Robinson...
A: Thanks for the Question: Bartleby's Guideline “Since you have posted a question with multiple sub-pa...
Q: Compute gross wages due each employee under federal wage-hour law: Latisha is normally paid $1,200 ...
A: Introduction:- A wage is a payment provided by an employer to an employee for work completed within ...
Q: Assume that Leno uses cost-plus pricing, setting the selling price 22% above its costs. What would b...
A: In cost plus pricing, the selling price is determined by marking up the cost by the desired
Q: new W-4. If Paul is paid the last weekday of each month, what is the date of the first paycheck that...
A: 1. W-4 should be completed by the first day of work, the employer is required to withhold federal in...
Q: le wau in its entirety in 2025); :December 31, 2021, reported eet flows of resources at Decembe gene...
A: Note 1. There will not be any treatment to use $24,000of village current financial resources as that...
Q: Buffalo Limited has the following information available regarding its share capital at December 31, ...
A: Shareholders also invest money in the company and in return they become the owners in proportion to ...
Q: The cash in bank of AA Company in BB (Bank) had a balance per book of P1,920,000 as Question 21 of D...
A: let's understand the basics A bank reconciliation statement is a summary of banking and business ac...
Q: Problem 3. The books of Marikit’s Service, Inc. disclosed a cash balance of P687,570 on December 31,...
A: Bank Reconciliation Statement Cash Book Balance P687,570 Add: a. Check number 748 for P30,000...
Q: The following are the estimates of the expected cash flows of Al Tayebat Company during the first si...
A: Cash budget is the most important of all the functional budgets. It is a statement showing estimated...
Q: You were asked to answer the following question: Consider a small photography studio with 8 workers ...
A: Cost refers to the amount that is spent to obtain a final product from the manufacturing unit or by ...
Q: Mr. Edgar Esparaguera is a professional accountant. He ventured in a milling business to serve the n...
A: Journal entries for all the transactions.
Q: In the statement of cash flows, financing activities are those activities a. that include cash co...
A: Lets understand the basics. Cashflow statement shows the cash inflow and cash outflow from the vario...
Q: What is the return on sales for fiscal year 2019 2018?
A: Return on sales=Operating ProfitNet Sales×100
Q: Miracles Manufacturing Co. manufactures a lifting equipment. One order from Heaven Company for 3,00...
A: Direct labor cost is a part of wage-bill or payroll that can be specifically and consistently assign...
Q: Explain these qualitative characteristicsof financial report as per IFRS: Relevance Faithful Repres...
A: * As per the bartleby guidelines, in case of interlinked answer first 3 only Relevance: Relevance ...
Q: Lido Corp. has a commissary that supplies food and other products to its franchisees. It has two ser...
A: Answer) Direct Method: Under direct method, Service departments’ costs are allocated to Operating De...
Q: Miracles Manufacturing Co. manufactures a lifting equipment. One order from Heaven Company for 3,000...
A: Cost of goods manufactured means that the cost which has been allocated on the goods or units which ...
Q: lph Nurseries purchased seeds costing $25,00 with terms of 3/15 net 30 EOM on January 12. Show Solut...
A: solution Concept Meaning of 3/15 net 30 EOM 3% discount is given if the amount is paid wit...
Q: Using ABC, the total manufacturing costs per unit for product SuperPro is:
A: Calculation of Overhead Cost Per Unit of Cost Driver: Cost Item Cost Driver Cost Driver Units Cos...
Q: Hao Corporation had the following transactions during the current period. Mar. 2 Issued 37,000 c...
A: The company can raise funds by various methods. Some of them are, by way of issuing common stock, is...
Q: What interest was earned if P500 500 is invested at 10 1/2% from October 20, 2019 to March 20, 2020?...
A: Solution: Amount invested = P500,500 Interest rate = 10.5% Period invested = Oct 20, 2019 to March 2...
Q: 10 The cash balance of AA Company had the following information: Descriptions November December ...
A: Both statements are true Explanation: Books: december + disbursement - november = unadjusted receip...
Q: 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-account...
A: The adjusting entries are prepared at the year-end so the revenues and expenses can be presented cor...
Q: Assuming the loan is based on exact interest, Victoria will pay back how much in interest expense?
A: The amount of interest expense to be paid on the loan depends on the amount of loan taken, the inter...
Q: What would be the selling price per unit if the spoilage loss is common to Job AAA and the company m...
A: in managerial accounting, the method of job costing allows for customise product and to charge the a...
Q: Assume the following: XYZ Engineering Supplies Company had the following transactions (Please, use t...
A: A balance sheet is a financial statement that shows a corporation's assets, liabilities, and shareho...
Q: Answer with example
A: CVP analysis is a relationship between Cost Volume and Profit. This relationship shows the relations...
Q: Company cell phone bill received, but not paid, $80 what will be the general entry?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: BE5.2 (LO 1), AP The following are the components in Gates Company's income statement. Determine the...
A: Gross profit is an excess of revenue over the cost of goods sold and operating income is the remaini...
Q: ictory Manufacturing Company produces a variety of products. The firm operates 24 hours per day with...
A: Solution Given Total hours worked 16000 hours Regular hours worked (spread equally) 1500...
Q: On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accou...
A: Lets understand the basics. Petty cash is created from the cashbook to pay a small expense over a pe...
Q: Problem 9. Moluccas Corporation, your client, is a successful small business but has poor internal c...
A: 19. Amount taken by the cashier - accountant: Cash on hand P127,301 Less: Outstanding Cheques ...
Q: The processing of Salvation Company's manufacturing passes through two departments, Department 1 and...
A: According to the question there are requirement to find the following things: in Job IABF: 1. In D...
Q: What is the rate of interest if P40000 earned interest of P1200 in 140 days? (А) 2% (в) 7.82% c) 7.7...
A: Principal amount = P40000 Interest amount = P1200 Period = 140 days = 140/365 = 0.383561643835616
Q: ntegrity Manufacturing Company is in its first month of operation. The costs of the joint process w...
A: Answer) Calculation of value of ending inventory of Product X Value of ending inventory = (Joint Cos...
Q: Rancho Cucamonga Inc. established the following direct materials and direct labor standards for its ...
A: Direct labor rate variance = [Actual rate/price ×Actual hours worked (quantity)] -[ Standard rate/pr...
Q: Nictorious Company manufactures two types of Electronic Toy, the Regular and SuperPro. The following...
A: Overhead cost per activity = Total overhead cost for the activity / No. of activity
7.
Martinez Corporation had January 1 and December 31 balances as follows.
|
1/1/20
|
12/31/20
|
|||
| Inventory | $94,000 | $108,000 | ||
| Accounts payable | 69,000 | 78,000 |
For 2020, cost of goods sold was $440,000.
Compute Martinez’s 2020 cash payments to suppliers.
| Cash payments to suppliers |
$
|
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Given the following financial data for XYZ, Inc.: • Inventory on December 31, 2020: $5,000 • Inventory on December 31, 2021: $3,000 • Accounts payable on December 31, 2020: $12,000 Accounts payable on December 31, 2021: $15,000 . Cost of goods sold for the year 2021: $50,000 The net cash paid to suppliers of inventory during the year 2021 is: 1) $49,000 2) $55,000 3) $45,000 4) $51,000 5) None of the above.Bridgeport Corporation had January 1 and December 31 balances as follows. 1/1/20 12/31/20 $78,000 $93,000 Inventory Accounts payable 59,000 66,000 For 2020, cost of goods sold was $486,000. Compute Bridgeport's 2020 cash payments to suppliers. Cash payments to suppliers $ 93000
- 20. Di Ka Mahal Company reported total purchases of P2,500,000 in its cash basis financial statements on December 31, 2020. Additional information revealed the following: Accounts payable, January 1, 2020, P600,000 and Accounts payable, December 31, 2020, P800,000. Under the accrual basis, how much is the total purchases for the year ended December 31, 2020? Choices: P2,700,000 P2,300,000 P3,900,000 P2,500,000DJ Company’s net accounts receivable were P250,000 as of December31, 2019, and P300,000 as of December 31, 2020. Net cash sales for 2020were P100,000. The accounts receivable turnover for 2020 was 5.00.What were DJ’s total net sales for 2020? A. P1,500,000B. P1,475,000C. P1,400,000D. P1,375,000Combate Company reported total purchases of P3,200,000 in its accrual basis financial statement on December 31, 2020. Additional information revealed the following: Accounts payable, December 31, 2019 P900,000 Accounts payable- December 31, 2020 1,250,000 What is the amount of purchases under the cash basis for the year ended December 31, 2020? A.P4,100,000 B. P4,450,000 C. P2,850,000 D. P3,550,000
- n its CASH BASIS income statement for the year ended June 30, 2020, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows: Accounts receivable June 30, 2019 $40,000 Accounts receivable June 30, 2020 $45,600 Under the ACCRUAL basis, Selena Corp. should report sales revenue of A. $147,600 B. $102,000 C. $182,000 D. $136,400The following information has been extracted from the financial statements and notes of Spring Ltd. 2020 2019 Cash and Cash Equivalents 60,600 59,700 Account Receivable(net) 130,800 128,900 Account Payable 54,700 52,900 Revenue 780,000 750,000 Cost of Goods Sold 450,500 445,500 Profit 65,500 58,500 Inventory 234,700 215,300 Total assets 580,000 590,000 Current Liabilities 250,900 265,700 Total liabilities 300,000 330,000 Short-term investments 67,400 75,900 Based on the above information calculate the following ratios: 1) Return on assets for 2020. 2) Profit Margin ratio for 2020. 3) Debt to assets ratio for 2020. 4) Acid-test ratio for 2020. 5) Inventory Turnover ratio for 2020.5. Dapitan, Inc. has the following receipts during 2021: From service billings to clients Advances from clients P 400,000 100,000 P 500,000 Total cash collection The P100,0000 advances refer to services which will be rendered next year. Total uncollected billing increased from P100,000 on December 31, 2020 to P150,000 on December 31, 2021. Compute the gross income using cash basis. P400,000 b. P450,000 c. P500,000 d. P550,000 a.
- Zeta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2020. The entity wrote off uncollectible accounts totaling P50,000 during the current year. 2019 2020 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 Advances from customers 200,000 300.000 Under cash basis, what amount should be reported as sales for the current year?21. Mahal Mo Co. reported revenue of P3,100,000 in its accrual basis income statement for the year ended December 31, 2020. Additional information are as follows: Accounts receivable, December 31, 2019, P700,000 and Accounts receivable, December 31, 2020, P1,100,000. Under the cash basis, how much should Mahal Mo Co. report as revenue for 2020? Choices: P3,500,000 P2,000,000 P2,700,000 P2,400,000The Records of Finance Sales Corporation showed the following data for the year 2021 as follows; Interest Income 150,000 Income tax expense Salesperson's commission Sales returns and allowances 828,000 300,000 195,000 Freight In Purchase Returns and Allowances Sales Salaries Depreciation-Delivery Truck 187,500 135,000 525,000 112,500 9,375,000 Sales Purchase discounts 90,000 Merchandise Inventory, December 31 4,350,000 Rent Income 225,000 Depreciation- Office Equipment 112,500 Dividend Income 150,000 Doubtful Accounts 112,500 90,000 Freight out Sales discounts 105,000 Purchases 5,475,000 Office Salaries 675,000 75,000 Loss on sale of Equipment Depreciation -Building Merchandise Inventory, January 1 Depreciation-store furniture 300,000 3,375,000 75,000 REQUIRED: PREPARE A STATEMENT OF COMPREHENSIVE INCOME IN A PRESCRIBED FORMAT FOR THE YEAR USING THE FOLLOWING METHODS: A) Nature of expense method with supporting notes with separate computation. B) Function of expense method with…