Bebe Co. purchased equipment with an invoice price of 1,680,000 on March 5, 2021. How much would be the claimable input VAT on the second quarter of 2021?
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Bebe Co. purchased equipment with an invoice price of 1,680,000 on March 5, 2021. How
much would be the claimable input VAT on the second quarter of 2021?
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- Bebe Co. purchased equipment with an invoice price of P1,680,000 on March 5, 2021. How much would be the claimable input VAT on the second quarter of 2021?Bebe Co. purchased equipment costing P560,000 on March 5, 2021. How much would be the claimable input VAT on the second quarter of 2021?Ahmed sells goods costing $150,000 to Samad for $210,000 on January 2, 2020, including installation fee of $18,000. The fair value of goods is $185,000. The installation is expected to take 6 months. Prepare the journal entry to record the sales. How much sales revenue should be recording for the first quarter, ending on March 31, 2020?
- Bebe Co. purchased equipment with an invoice price of P1,680,000 on March 5, 2021. How much would be the claimable input VAT on the second quarter of 2021? Bebe Co. purchased equipment with an invoice price of P1,680,000 on March 5, 2022. How much would be the claimable input VAT on the second quarter of 2021? Bebe Co. purchased equipment costing P560,000 on March 5, 2021. How much would be the claimable input VAT on the second quarter of 2021?During August 5, 2020, Hiro marketing sold an item worth P 500,000 for P 750,000. The required down payment was 20% of the price while the balance will be paid in 18 equal payments. The company’s policy is to repossess the item if the buyer fails 2 consecutive months. During January 2021, the item sold was repossessed. Required: Compute the RGP for the year 2020.On December 31, 2019, Naysayer Company has outstanding purchase commitments for 10,000 gallons at P200 per gallon of raw materials to be used in the manufacturing process. Required : Prepare journal entry under each of the following assumptions : a. The market price on December 31, 2019 is P210. b. It is expected that the market price will decline to P170 in early January 2020. c. The market price on December 31 2019 is P170. d. The market price on December 31, 2019 is P170. On January 31, 2020 when the 10,000 gallon shipment is received, the market price is P150. e. The market price on December 31, 2019 is P170. On January 31, 2020 when the 10,000 gallon shipment is received, the market price is P210.
- During 2021, Tartarus Company signed a noncancellable contract to purchase 500 sacks of rice at P900 per sack with delivery to be made in 2022. On December 31, 2021, the price of rice had fallen to P850 per sack. On May 9, 2022, Tartarus Company accepts delivery of rice when the price is P880 per sack. What amount of purchases should be recorded on May 9, 2022?On December 31, 2021, Park Company sold used equipment with carrying amount of 2,000,000 in exchange for noninterest-bearing note of 5,000,000 requiring ten annual payments of 500,000. The first payment was made on December 31, 2022. The market interest for similar note was 12%. What is the carrying amount of the note receivable on December 31, 2021?On December 30, 2021, Jack company purchased an aircraft from Jill Co. in exchange for a noninterest bearing note requiring 10 payments of 450,000. The first payment was made on December 30, 2021, and the others are due annually on December 30. At the date of issuance, the prevailing rate of interest for this type of note was 12%. How much is the cost of the machine?
- ABC Co. paid suppliers P4,900,000 during 2019. WHAT IS THE AMOUNT OF THE COST OF GOODS SOLD IN 2020.Omega 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?A company delivers goods to the customer for $389,000 on January 2, 2020. The sales price includes an installation fee, which has a standalone selling price of $140,000. The standalone selling price of the goods is $360,000. The installation is considered a separate performance obligation and is expected to take 3 months to complete. How much Unearned Service Revenue will the company record on Jan. 2, 2020? (If the company should not record any Unearned Service Revenue on Jan. 2, 2020, then enter 0.) (Do not round your answer in any part of the computation.)