Payments to suppliers by a sole trader during the year to 31 December 2019 were sh.486,780 after takingThe balances of trade payables were as followsAs at 30th SeptTrade payablesSelect one:What is the amount of credit purchases for the year ended 31 December 2019?Sh. 546 858O Sh. 498.180.Sh. 521,8002018sh.54.500Sh. 503, 3042019sh:65.900

The cash flow statement is prepared to record the cash flow from various activities during the…

Payments to suppliers by a sole trader during the year to 31 December 2019 were sh The balances of trade payables were as follows As at 30th Sept Trade payables Sh. 546 858 What is the amount of credit purchases for the year ended 31 December 2019? Sh. 498.180 St. 521,800 2018 sh.54.500 Sh. 503 304 2019 sh.65.900

Payments to suppliers by a sole trader during the year to 31 December 2019 were sh The balances of trade payables were as follows As at 30th Sept Trade payables Sh. 546 858 What is the amount of credit purchases for the year ended 31 December 2019? Sh. 498.180 St. 521,800 2018 sh.54.500 Sh. 503 304 2019 sh.65.900

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

See similar textbooks

Similar questions

Total trade accounts payable as of January 1, 2019 amounted to PBlank 1.
What will be the amount of payment on a bill of goods amounting to P6,700; terms 4/10, 3/20, n/30 dated August 16; and paid August 31?
GCASH accounts for sales under the installment method. On January 1, 2020 its ledger accounts included the following balances:Installment Receivable, 2018 P 38,500Installment Receivable, 2019 155,000Deferred Gross Profit, 2018 11,550Deferred Gross Profit, 2019 62,000Installment Sales in 2020 were made at 42% gross profit rate. December 31, 2019 account balances before adjustment were as follows:Installment Receivable, 2018 P 0Installment Receivable, 2019 42,000Installment Receivable, 2020 100,500Deferred Gross Profit, 2018 11,550Deferred Gross Profit, 2019 62,000Deferred Gross Profit, 2020 75,810The total realized gross profit on December 31, 2020 is:a. P90,350 c. P98,910b. P97,510 d. P97,350
Assume that Zandile's Boutique registered as a VAT vendor effective 1 March 2019. Zandile's Boutique had a VAT input total amount of R24 760 and a VAT output total amount of R37 860 at 31 March 2019. Which one of the following represents the balance of the VAT control account at 31 March 2019? A) R13 100 debit. B) R13 100 credit. C) R62 620 debit. D) R62 620 credit.
Goods are sold on 30.09.2022 to the company "PD" instead of the amount of €10,000, with promissory notes to our order due on 28.02.2023 to which interest of €500 is added (the company separates on 30.09.2022 the interest into: accrued and unearned accrued interest on notes receivable). Make the journal entry
2. A credit sale of P750 is made on June 13, term 2/10, net/30. A return of P50 is granted on June 16. The amount received as payment in full on June 23 is: a. P700 b. P650 c. P686 d. P685
Treat the following Financial Transactions as independent scenarios: 1. The Buyer and Seller agreed on the term FOB Shipping Point, Freight Collect for the freight cost of $12,500 for the sales transactions of $325,000 on June 22, 2019. The Buyer paid in full on July 2 for the credit term 1/10, n/15. 2. The Seller sold merchandise on March 26, 2019 with the list price of $500,000 at trade discount of 10%, 5%. The terms of shipment is FOB – Shipping Point, Freight Prepaid with the freight amounting to S15,000. The Buyer's credit term is 3/EOM, n/60. The Buyer paid all the accounts on March 31, 2019. 3. On January 28, 2019 the Buyer purchased $450,000 worth of inventory at 10% trade discount with a term of 2/10, n/30. The freight cost is P25,000 on FOB - Shipping Point, Freight Collect. The Seller collected in full what is due from the Buyer on February 08, 2019. 4. The term of shipment on the sale of goods on September 28, 2019 for $1,500,000 is FOB Destination, Freight Collect with…
Agogo Trading has the following account balances as at 30 June 2019. RMAccount Receivable 200,000Provision for doubtful debt 6,000On 30 June 2019, the following adjustment have to be made:i. Debts of RM500 are to be written off as badii. One of the entities with accounts receivable whose debts had previously beenwritten off as bad sent a cheque for RM1,000 in full settlement of the amountowediii. Provision for doubtful debts is 2% of the outstanding accounts receivablesRequired:For the year ending 30 June 2019 show the:a) Provision for doubtful debts accountb) Statement of Profit or Loss (extract)c) Statement of Financial Position (extract)
1. Agogo Trading has the following account balances as at 30 June 2019.RMAccount Receivable 200,000Provision for doubtful debt 6,000On 30 June 2019, the following adjustment have to be made:i. Debts of RM500 are to be written off as badii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required:For the year ending 30 June 2019 show the:a) Provision for doubtful debts accountb) Statement of Profit or Loss (extract)c) Statement of Financial Position (extract) 2. The following is a summary of account receivable and related accounts for threeyears for Tommy Enterprise the financial year ends 30 April each year.Year ended 30 AprilAccount receivable as at 30 April (before writing off bad debts)RMBad debts written offRMProvision for doubtful debt2017 70,000 Nil 2%2018 61,000 1,000 2%2019 83,000…
What amount should be presented as Trade Accounts Receivable in the Statement of Financial Position as of December 31, 2017? A. 699,000 B. 822,000 C. 849,000 D. 894,500
3. Krizia Corporation provided the following information on December 31, 2019. Accounts receivable, net of credit balances in customers' account of P25,000 Merchandise inventory, excluding goods of P50,000 received on December 31, 2019 but unrecorded as a purchase Gift certificates payable Serial bonds payable in semiannual installment of P345,800 700,980 12,500 P100,000 800,000 15,000 Rent received in advance Notes payable, including bank loan of P30,000 due on December 31, 2025 940,000 13,450 5,600 Notes receivable discounted Prepaid expenses Required: Compute the following: a. Total current liabilities b. Total long term liabilities
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. 1,345,000