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pahelp naman about journal adjusting entries , may trial balance na kasing given then pinapagawa kami ng journal entries super hindi ku gets pahelp guys
The following purchase transactions occurred during the last few days of the Myriad Company's fiscal year, which ends at Dec. 31.2012 and in the first few days after that date.
1.An invoice for 50000, FOB shipping point was received and recorded on Dec. 27. The shipment was received in satisfactory condition on Jan. 2. The merchandise was not included in the inventory.
2. An invoice for 75000, FOB destination was received and recorded on Dec. 28. The shipment was received in satisfactory condition on Jan. 3. The merchandise was not included in the inventory.
3.An invoice for 30000, FOB shipping point was received and recorded on Dec. 28 and the receiving report indicates that the goods had been received on Jan. 4. The merchandise was excluded from inventory.
4. An invoice for 90000, FOB shipping point was received on Dec. 15 and the receiving report indicates that the goods had been received on Dec. 18 but across the face of the report is the notation "merchandise not of the same quality as ordered- returned for credit, Dec. 19". The merchandise was included in the inventory.
5. An invoice for 140000 FOB destination was received and recorded on Jan. 4. The receiving report indicates that the goods were received on Dec. 29. The merchandise was included in the inventory.
Prepare the adjustments on Dec. 31,2012. Books are still open.
Pa help po pls.. Badly needed for our academic purpose only.
Summer Company is a wholesaler of car seat covers. On Jan.1 2012, the entity's inventory consisted of 90 car seatcovers priced at 1000 each. During the current year, the following events occurred:
1.Purchased 800 car seat covers on account at 1000 each
2. returned 50 defective car seatcovers to supplier and received credit.
3. Paid 600 of the car seatcovers purchased
4.sold 790 car seatcovers at 2000 each
5.received 20 car seatcovers returned by a customer and gave credit. The goods were in excellent condition.
6.received cash for 680 car seatcovers sold
7. physical count at year end revealed 60 units in hand.
a. prepare Journal entries, including adjustments to record above transactions assuming the company uses periodic and perpetual system.
b. determine the cost of sales under each inventory system.
oops thanks sir larry,,
can i ask another one, please!!!
this appear on our hand-out:
the following information relates to a given department of li company for the first quarter of 2012:
Actual total overhead (fixed plus variable) P178,500
budget formula P110,000 plus P0.50 per hour
total overhead application rate P1.50 per hour
Spending variance (from three way analysis) P8,000 Unfavorable
Volume variance (from two-way analysis) P5,000 favorable
overall factory overhead variance P6,000 unfavorable
Q; What were the actual hours worked in this department during the quarter?
the answer given was letter B, it has no supporting computation so I did.nt know how it come out.
however, the way I understand standard costing, it leads me to this solution:
178,500=110,000 + 0.50x
x=no. of actual hours worked= letter C. 137,000
Pasensya na po sa itatanong ko ah. Alam ko pong accounting questions lang dito pero itatanong ko na rin dito baka sakaling may makasagot.
Ang TRANSFER TO PUBLIC USE po ba ay exclusive deduction? About po ito sa community and conjugal properties (Estate and Donor's tax)
Question, what is the logic why interest rates are inversely related to bond prices?
I will send Virtual chocolates sa makakasagot.
Another question, why do companies call outstanding bonds when interest rates are falling?