CBA Co.'s adjusted trial balance at December 31, 2020 included the followingexpense accounts:AdvertisingLoss on sale of trading securitiesLoss on sale of store equipmentRent for office spaceFreight outSales salaries and commissionsP500,00030,00020,000360,000150,000400,00015,000Transportation inThe sales department occupies one-half of the office space. Total selling expensesfor 2020 must beP900,000P1,050,000P1,080,000|P1,230,000Answer not given

Selling expenses are those expenses that are associated with the marketing and selling of the…

CBA Co.'s adjusted trial balance at December 31, 2020 included the following expense accounts: Advertising Loss on sale of trading securities Loss on sale of store equipment Rent for office space Freight out Sales salaries and commissions Transportation in P500,000 30,000 20,000 360,000 150,000 400,000 15,000 The sales department occupies one-half of the office space. Total selling expenses for 2020 must be P900,000 P1,050,000 P1,080,000| P1,230,000 Answer not given

CBA Co.'s adjusted trial balance at December 31, 2020 included the following expense accounts: Advertising Loss on sale of trading securities Loss on sale of store equipment Rent for office space Freight out Sales salaries and commissions Transportation in P500,000 30,000 20,000 360,000 150,000 400,000 15,000 The sales department occupies one-half of the office space. Total selling expenses for 2020 must be P900,000 P1,050,000 P1,080,000| P1,230,000 Answer not given

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

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Ward Company’s usual sales terms are net 60 days, FOB shipping point. Sales, net of returns and allowances, totaled P5,000,000 for the year ended December 31, 2019, before year end adjustments. On December 27, 2019, Ward authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2019. The returned goods were received by Ward on January 4, 2020, and a P50,000 credit memo was issued on the same date. Goods with an invoice amount of P300,000 were billed to a customer on January 3, 2020. The goods were shipped on December 31, 2019. Goods with an invoice amount of P200,000 were billed and recorded on December 30, 2019. The goods were shipped on January 3, 2020. Ward’s adjusted net sales for 2019 should be? Choices: P4,750,000 P5,050,000 P5,250,000 P4,950,000
BDO co. has a balance of 10,350,000 trade accounts as of the end of 2019. The ff. information shall be considered for adjustment The balance included the selling price of goods in transit shipped fob destination to a customer amounting to 75,000. BDO was notified that the goods were received on January 5, 2020. Freight cost will be collected from the customer. In the afternoon of December 31, 2019, the goods costing 100,000 with a selling price of 120,000 was shipped to B customer, fob destination, freight collect. This was not recorded because the shipment documents were misplaced by the billing staff. On December 26, BDO shipped merchandise sold at 330,000 to Z, fob destination. Initially, the transaction was not recorded because of the shipping term. BDO was notified on December 31 AM that Z already have the goods, however, action was not taken until January 2, 2020. Merchandise was shipped to V in the afternoon of December 31, 2019 costing 400,000 with a selling price of 500,000,…
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19, 500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247, 605 67,000 Sales 942, eee Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,000 79, 200 56, 500 33,000 Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 3,00e 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment 8,910 2,768 Insurance expense 3,39e Totals $1,502, 695 $1,502,695 Requlred: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31 , 2020
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
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DELTA Company reported on December 31,2021 at P7,000,000 based on physical count of goods priced at cost and before any necessary year end adjustments relating to the following.Included in the physical count were goods billed to a customer FOB Shipping Point on December 30, 2021.These goods had a cost of 200,000 and were picked by the carrier on January 5, 2022.Goods shipped FOB Shipping point on December 28, 2021 from a venfor to Delta were received and recorded on January 4, 2022. The invoice cost was P300,000.What amount should be reported as inventory on December 31, 2021?
The balance in ABC Company's accounts payable account at December 31, 2021, was P900,000, before any necessary year-end adjustment relating to the following: a. Goods in transit from a vendor to ABC on December 31, 2021. The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29, 2021. The goods were received on January 4, 2022. b. Goods shipped FOB shipping point on December 20, 2021, from a vendor to ABC was lost in transit. The invoice cost was P25,000. On January 5, 2022, ABC filed a P25,000 claim against the common carrier. C. On December 31, 2021, ABC has a P20,000 debit balance in accounts payable to a supplier resulting from an advance payment for goods to be manufactured. What amount should be reported as accounts payable on its December 31, 2021 financial statement?