On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200 worth of supplies. Because of some defects, theyreturned P300 to the suppliers. At year end, the supplies amounted to P1,800.What is the amount of supplies expense?
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On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200 worth of supplies. Because of some defects, theyreturned P300 to the suppliers. At year end, the supplies amounted to P1,800.What is the amount of supplies expense?
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- Yukgaejang Company recorded uncollectible accounts expense of P20,000 during 2021. The allowance for uncollectible accounts had a balance of P17,500 on December 31, 2019. During the year 2020, Yukgaejang wrote off P30,500 of uncollectible receivables and recovered P8,050 of uncollectible accounts written off in previous years. How much will be the allowance for uncollectible accounts on December 31, 2021? a. P45,550 b. P15,050 c. P19,050 d. P7,000Yukgaejang Company recorded uncollectible accounts expense of P20,000 during 2021. The allowance for uncollectible accounts had a balance of P17,500 on December 31, 2019. During the year 2020, Yukgaejang wrote off P30,500 of uncollectible receivables and recovered P8,050 of uncollectible accounts written off in previous years. How much will be the allowance for uncollectible accounts on December 31, 2021?ZXC Company recorded uncollectible accounts expense of $20,000 during 2021. The allowance for uncollectible accounts had a balance of $17,500 on December 31, 2019. During the year 2020, ZXC wrote off $30,500 of uncollectible receivables and recovered $8,050 of uncollectible accounts written off in previous years. How much will be the allowance for uncollectible accounts on December 31, 2021?
- Accounting Gowns, Inc. uses 'the percentage of receivables' basis to estimate its impairment loss. At December 31, 2020, per the accounts receivable aging report, Gowns estimates total uncollectible amounts in the future as $5,500. The beginning balance of allowance for impairment is $1,300. The accounts receivable balance at December 31, 2020 is $100,000. What is the amount of impairment loss for the year? Select one: $4,200 $5,500 $6,800 $1,300Omega Company sells its products in expensive, reusable containers. The customer is charged a deposit for each container delivered and receives a refund for each container returned within two years after the year of delivery. Omega accounts for the containers not returned within the time limit as being sold at the deposit amount. Information for 2020 is as follows: A. Containers held by customers at December 31, 2019 from deliveries in: 2018, P85,000; and 2019, P240,000. B. Containers delivered in 2020: P430,000. C. Containers returned in 2020 from deliveries in: 2018, P57,500; 2019, P140,000; and 2020, P157,000. 1. What is the total amount of Omega Company’s liability for returnable containers at December 31, 2020? 2. How much revenue from container sales should be recognized for 2020?Kappa Inc. reported accounts payable on December 31, 2019 at P 2,200,000 before any necessary year-end adjustments relating to the following transactions: Goods shipped to Kappa under terms FOB Shipping Point on December 22, 2019 was lost in transit. The invoice cost of P 40,000 was not recorded by Kappa. On January 7, 2020 filed a P 40,000 claim against the shipper of the lost goods. On December 27, 2019, a vendor authorized Kappa to return, for full credit, goods shipped and billed at P 70,000 on December 3, 2019. The returned goods were shipped by Kappa on December 28, 2019. AP 70,000 credit memo was received and recorded by Kappa on January 5, 2020. On December 31, 2019, Kappa has a P 500,000 debit balance in accounts payable to Sigma Inc., a supplier, resulting from a P 500,000 advance payment for goods to be manufactured. What amount should be reported by Kappa Inc. as accounts payable on December 31, 2019? А. Р2,170,000 В. Р2,680,000 C. P 2,730,000 D. P 2,670,000
- Yellow Company reported accounts payable on December 31, 2017 at P900,000 before any necessary year-end adjusments relating to the following: * Goods were in transit from a vendor on December 31, 2009. The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 4, 2020. *Goods shipped FOB shipping point on December 20, 2019 from a vendor were lost in transit. The invoice cost was P25,000. On January 5, 2020, the entity filed a P25,000 claim against the common carrier. *Goods shipped FOB destination on December 21, 2019 from a vendor were received on January 6, 2020. The invoice cost was P15,000. What amount should Yellow Company should report as accounts payable on December 31, 2019? 940,000 980,000 975,000 950,000 925,000Milky Company's allowance for doubtful accounts was P1,000,000 at the end of 2019 and P900,000 at the end of 2018 For the year ended December 31, 2019, the entity reported doubtful accounts expense of P160,000 in the income statement. What amount was debited to the appropriate account to write off uncollectible accounts in 2020?At 30 September 2020, Wall had an allowance for doubtful account of P37,000. During the year ended 30 September 2021 the company wrote off accounts totaling P18,000 and recovered P5,000 of accounts written off, and at the end of the year, it is decided that the doubtful account expense should be P20,000. 56) How much is the balance of allowance for doubtful accounts on September 30,2021? a. 44,000 b. 30,000 During the year, Jantz Company made an entry to write off a P4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was P80,000 and the balance in C. 62,000 d. None of these the allowance account was P4,500. 57)The net realizable value of accounts receivable after the write-off entry was a. P80,000. b. P79,500. Use the following information for the next two questions: A trial balance before adjustments included the following: c. P71,500. d. P75,500. Debit Credit Sales P425,000 Sales returns and allowance P14,000 53,000 Accounts receivable…
- On June 11, 2019, Hat Trick Manufacturing sold goods worth $400,000 with terms 2/10, n/30 to Ice House sports. On June 20, 2019, hat trick manufacturing received payment for 1/2 of the amount due from ice house sports. what will be the amount reported in the financial statements for the account receivable due from ice house sports if the fiscal year ends on june 30, 2019 and the gross mwthod is used? And no plagiarism pleaseThe company had sales of $100,000 for the calendrer period 2021. The allowance for doubtful accounts total at the beginning of the year was $1500. $ 1800 of accounts receivable were written off during the year as uncollectible. Assuming the company estimates the allowance for bad debts to be 2% of sales, what is the year end adjusting entry? Would your answer be different if the company utilized the direct write off method? If so, how?Statement: At December 31, 2021, goods costing P125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. Question: Is the 125,000 amount mentioned in the statement a current liability or no? Why?