17. A is engaged in two (2) lines of businesses, one is VAT-registered and the other is Non- VAT. His records show the following (VAT not included): Sales: From VAT business P 4,000,000 From Non-VAT business 6,000,000 Purchases of goods from VAT suppliers: For VAT business 2,000,000 For Non-VAT business 3,000,000 For both businesses 20,000 1,800,000 Operating expenses at is net income?
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- Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office booksBeta Company has incurred the following costs during the current year: Cost of purchases based on vendor's invoices.. Trade discounts on purchases already deducted from the vendor's invoices. • Importation duties and taxes.. • Freight and insurance on purchases. • Other handling costs relating to imports. Salaries of accounting department. • Fees paid to customs broker who processed the importation documents.. • Sales commission paid to sales agents. P 5,000,000 500,000 400,000 1,000,000 100,000 600,000 200,000 300,000 After-sales warranty costs. What is the total cost of purchases? 250,000 A. P5,700,000 В. Р6,100,000 С. Р6,700,000 D. P6,500,000ABM Co. is a merchandising business, registered as a sole proprietorship. The account balances of ABM Co. as of June 1, 2021 are as follows: 001 Cash P 35,750.00 002 Accounts receivable 15,000.00 003 Merchandise inventory 15,000.00 * 050 Accounts payable 060 Maharlika, Capital 20,000.00 30,000.00 100 Sales 30,000.00 101 Sales returns and allowances 5,000.00 102 Sales discounts 2,000.00 200 Cost of merchandise sold 5,000.00 301 Advertising expense 302 Utilities expense 1,500.00 750.00 303 Salaries expense 304 Transportation expense 400 Income summary During June, the following transactions were completed: June 1 Ms. Maharlika, the business owner, invested cash in the business, P100,000. Bought merchandise on account from XYZ Co., P55,000, terms 2/10, n/30, FOB Shipping Point. Paid freight, P2,000. 5 10 Sold merchandise on account to LMN Co., P22,000, terms 2/10, n/30, FOB Destination. Paid transportation expense, P500. The cost of merchandise sold was P20,000. 15 Paid cash for purchase…
- Stung, which is registered to account for sales tax, purchased furniture on credit at a cost of $8,000, plus sales tax of $1,200. What are the correct accounting entries to record this transaction? $ $ A Debit Furniture 9,200 Credit Supplier 9,200 B Debit Furniture 8,000 Credit Sales tax 1,200 Credit Supplier 6,800 C Debit Furniture 8,000 Credit Supplier 9,200 Debit Sales tax 1,200 D Debit Furniture 8,000 Credit Supplier 8,000! Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement 0 $ 165,000 17,600 240,000 42,000 19,000 7,000 40,200Required information [The following information applies to the questions displayed below.] Suppose your company sells goods for $380, of which $240 is received in cash and $140 is on account. The goods cost your company $141 and were paid for in a previous period. Your company also recorded salaries and wages of $110, of which only $38 has been paid in cash. Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > A B Record the sales revenue of $240 for cash and $140 on account and record the cost of goods sold of $141 using one journal entry. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit S
- 31. A, VAT-registered, made the following purchases during the month of January 2018 Goods for sale, inclusive of VAT Supplies, exclusive of VAT Office air conditioner, total invoice amount Home appliances for residence, gross of VAT Repair of store, total invoice amount evidenced by ordinary receipt of the contractor 224,000 20,000 56,000 17,600 4,400 Creditable input taxes are: a. 26,400 b. 29,400 c. 24,000 d. 32,400Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021. On July 16, Huhu Company sold merchandise to Hihi Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Hihi Company received the goods and Huhu Company’s invoice on July 17. On July 24, Hihi Company sent the payment to Huhu, which Huhu received on July 25. Additional Info: Both Huhu and Hihi use the periodic inventory system. The arrangement regarding the shipping costs are as follows: Shipping terms FOB destination, Freight Collect. Hihi paid the shipping costs on July 17 and deducted the P600 from the amount owed to Huhu Company. A copy of freight bill to Huhu Company was provided with the July 24 cash remittance. Hihi remitted P5,280 on July 24. How much is the accounts payable of Hihi before remittances?On 10 January 2021, Mrs D Africa sold goods to three different clients, Mr P Lucky, Mrs V Happy and Mr T Busy. Sales invoices number 0001, 0002 and 0003 were issued to them respectively. They have paid the amounts and receipts number 0002, 0003 and 0004 were issued to Mr P Lucky, Mrs V Happy and Mr T Busy respectively. The source document to be used to record this transaction is a/an ... . Select one: a. cash register roll b. duplicate receipt c. original receipt d. original cash invoice
- Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021. On July 16, Huhu Company sold merchandise to Hihi Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Hihi Company received the goods and Huhu Company’s invoice on July 17. On July 24, Hihi Company sent the payment to Huhu, which Huhu received on July 25. Additional Info: c. Both Huhu and Hihi use the periodic inventory system. d. The arrangement regarding the shipping costs are as follows: Shipping terms FOB Shipping Point, Freight Collect. Hihi paid the shipping costs on July 17 and Hihi remitted P5,880 on July 24. What is the balance of accounts payable after remittances?The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 to retail customers who used MasterCard. The cost of the goods sold was $19,400. The printed receipts for retail customers included a coupon for $2 off the customer’s next purchase. It is estimated that 2,000 of the coupons will be redeemed. Create a compound journal entry for the sale and coupon payable estimate. 14 Sold $18,000 of merchandise to retail customers who…The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 to retail customers who used MasterCard. The cost of the goods sold was $19,400. The printed receipts for retail customers included a coupon for $2 off the customer’s next purchase. It is estimated that 2,000 of the coupons will be redeemed. Create a compound journal entry for the sale and coupon payable estimate. 14 Sold $18,000 of merchandise to retail customers who…