A) Homework Ltd. has the following information on its inventories. Date Transaction 01.01.20X1Opening inventory 01.10.20X1 Purchase 01.25.20X1 Purchase 01.30.20X1Sale 01.31.20X1 Closing Quantity (unit)Purchase price ($/unit)Sales price($/unit) 4 205 9 210 17 215 24 300 ? Calculate the missing figures on 31st January with FIFO method Inventory balance on 31.December 20X1: EA $ B) The balances of selected accounts of Homework limited liability company, as at 31 December 20X1 is listed below: Account Revenue Debit ($) Credit ($) 20 000 Discounts granted 5 000 Time left 0:57: The closing inventory contains 5 items held for resale which are outdated so they can be sold only for 80% of their cost price. The expected selling cost is 5% of the selling price. Calculate the following: Net realizable value of 5 outdated items: 69 Amount of total closing inventory after NRV calculation: Amount of COGS: $ A $ Gross profit on 31st December, 20X1? $

Account payable OMR 200; Bank loan OMR 1,200; Warranty liability of OMR 500; Creditors OMR 100 and Unearned revenue OMR 200. Calculate the value of record liabilities: Inventory count of a company Alpha is 24,000 units. This inventory includes goods held on consignment of company Beta costing OMR 8,000. Company Alpha did not include the cost of OMR 1,400 for the goods sold which are still in transit (FOB shipping point). Calculate the cost of inventory: ull lis isI O 直 0 TOSHIBA

Excerpts from BBB Leasing's December 31, 20x2 and 20x1, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income Multiple Choice What is BBB's receivables turnover for 20x2? (Round your answer to 2 decimal places.) 3.37. 2.23. 4.00. 20x2 $ 60,000 38,000 212,000 200,000 134,000 118,000 445,000 415,000 260,000 235,000 47,500 38,000 20x1 $ 46,000 55,000 7.42.

When a sale is made with the credit terms of 2/10, net 30, the discount of ____% will be used if paid within 5 days. An inventory was bought amounting to 60,000. Using perpetual method ________________ account will be debited. When preparing an income statement, the final result will be _______________ if expense is larger then revenue. With credit terms of 2/10, n/30, the discount rate for paying after 11th days should be_______. The first section of an income statement shows the ___________________ Gross profit will be presented in the income statement after ____________________.  In perpetual method, _______________ will be credited if an item bought will be returned.    Cost of sales is computed as Cost of Goods Available for Sale _____________ ending inventory.  Sales discount will be ________________ from Gross Sales. When _______________ method of reporting inventory is used, merchandise account will be debited when freight in was paid.

Charming Paper Company sells to the 12 accounts listed here.      Account ReceivableBalance Outstanding Average Age ofthe AccountOver the Last Year A $ 60,800     22   B   168,000     43   C   78,300     19   D   24,300     55   E   58,900     42   F   238,000     39   G   30,400     16   H   374,000     72   I   41,400     32   J   96,500     58   K   292,000     17   L   67,700     37         Capital Financial Corporation will lend 90 percent against account balances that have averaged 30 days or less, 80 percent for account balances between 31 and 40 days, and 70 percent for account balances between 41 and 45 days. Customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan.  The current prime rate is 15.5 percent, and Capital charges 4.5 percent over prime to Charming as its annual loan rate.   a. Determine the maximum loan for which Charming Paper Company could qualify. b. Determine how much one month’s…

Bloom Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, the entity recognizes the unearned revenue as realized. Information for the current year:Unearned gift certificates revenue, January 1 ₱ 250,000Gift certificates sold 1,745,000Gift certificates redeemed 1,483,250Gift certificates which expired 80,000Gross profit rate based on cost 25% Requirements:  What amount should be reported for the year ended December 31 as Gross Profit? Unearned gift certificates revenue?

You are provided with the following information:Sales for the year $400 000Discounts provided during the year to customers for early payment $10 000Doubtful debts expense for the year $5 000Opening balance of accounts receivable $90 000Closing balance of accounts receivable $80 000Opening balance of the provision for doubtful debts $9 000Closing balance of the provision for doubtful debts $8 000Cost of goods sold for the year $60 000Purchases for the year (on credit terms) $80 000Discounts received for early payment to suppliers $2 000Stock write-offs owing to water damage caused by melting ice inthe Antarctic$5 000HI5020 Corporate Accounting Tutorial Assignment T1 2021 Page 3 of 5Opening balance of trade creditors $40 000Closing balance of trade creditors $35 000Opening balance of inventory $10 000Closing balance of inventory $25 000Required:(a) Calculate the cash receipts from customers during the year. (3.5 marks)(b) Calculate the cash payments to suppliers during the year. (3.5…

Bloom Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, the entity recognizes the unearned revenue as realized. Information for the current year:Unearned gift certificates revenue, January 1 ₱ 250,000Gift certificates sold 1,745,000Gift certificates redeemed 1,483,250Gift certificates which expired 80,000Gross profit rate based on cost 25% Requirements:8. What amount should be reported for the year ended December 31 as:A. SalesB. Cost of Sales

eBook   Show Me How Print Item Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $2,450,000, Allowance for Doubtful Accounts has a credit balance of $14,860, and sales for the year total $31,600,000. Bad Debt Expense is estimated at ½ of 1% of sales. a.  Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.   Adjusted BalanceDebit (Credit) Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c.  Determine the net realizable value of accounts receivable.$fill in the blank 5

A company has net credit sales of $750,000 for the year and it estimates that uncollectible accounts will be 3% of sales. If Allowance for Doubtful Accounts has a credit balance of $3,000 prior to adjustment, its balance after adjustment will be a credit of Select one: a. $19,500. b. $22,500. C. $22,560. d. $25,500. OO O 0