Cozy Corporation purchased supplies at a cost of $24,000 during the current year. At January1, supplies on hand were S7,000. At December 31, supplies on hand are $6,000. How much is the supplies expense? Question 4 options: S7,000 $24,000 S25 000
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- Bought delivery van P850,000 terms 20% down and the balance payable in oneyear. Required: 1. Record the transaction in the general journal.Steele Corp. purchases equipment for $23,000. Regarding the purchase, Steele recorded the following transactions: • Paid shipping of $800. • Paid installation fees of $1,600. • Pays annual maintenance cost of $220. • Received a 5% discount on $23,000 sales price. Determine the acquisition cost of the equipment. $fill in the blank 1Company M uses the cost recovery method. During 19A, it sells goods with a cost of $15,000 for $25,000, payable in installments of $10,000, $10,000 and $5,000, respectively, beginning in 19A. How much profit should be recognized each year?
- Zombie Berhad has the following trial balance at 31 December 2021: RM RM Revenue 7,602,504 730,600 208,000 Purchases Retums inwards Plant at cost Machinery at cost 10,712,000 4,940,000 Office equipment at cost 4,680,000 Accumulated depreciation-- Plant 936,000 988,000 -- Machinery -- Office equipment 520,000 Accounts payable Long-term borrowing 629,200 1,040,000 Accounts receivable 2,191,072 218,400 358,904 Inventory Cash and bank Administration expenses 520,000 26,000 Long tem borrowing interests Salaries and wages 252,720 Marketing expenses Discount allowed 208,000 72,800 Share capital Retained profits as at 1 Jan 2021 8,320,000 4,602,208 General Reserve 480,584 25,118.496 ...5/- Total 25.118.496Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured the equipment at a cost of $370,000 and lists a cash selling price of $425.235. Appropriate adjusting entries are made quarterly. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2024, and on March 31, 2024. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning. January 1, 2024, and on March 31, 2024. No Answer is not complete. Complete this question by entering your answers in the tabs below. 1 Required 1 Required 2 Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2024, and on March…Deborah company purchased a production equipment for factory for $50,000 +8% sales taxes Deborah paid $5000 in cash and finance. The rest at 6% requiring 40 equal monthly payment at the end of each month provide the journal entry that must be made on purchase date of the truck Compute the amount of monthly payments provide the journal entry for the second payment of the installment purchase. 
- Steele Corp. purchases equipment for $20,000. Regarding the purchase, Steele recorded the following transactions: • Paid shipping of $800. • Paid installation fees of $1,600. Pays annual maintenance cost of $240. • Received a 5% discount on $20,000 sales price. Determine the acquisition cost of the equipment.Zombie Berhad has the following trial balance at 31 December 2021: RM RM 7,602,504 Revenue Purchases 730,600 Returns inwards 208,000 Plant at cost 10,712,000 Machinery at cost 4,940,000 Office equipment at cost 4,680,000 Accumulated depreciation-- Plant 936,000 988,000 520,000 Accounts payable 629,200 Long-term borrowing 1,040,000 Accounts receivable 2,191,072 Inventory 218,400 Cash and bank 358,904 Administration expenses 520,000 Long term borrowing interests 26,000 Salaries and wages 252,720 Marketing expenses 208,000 Discount allowed 72,800 Share capital 8,320,000 4,602,208 Retained profits as at 1 Jan 2021 General Reserve 480,584 Total 25.118.496 25.118.496 Additional information: • Inventory as at 31 December 2021 was RM447,200. . Provision for company tax was RM429,520. • Depreciation 20% on cost per annum based on monthly pro rata basis to all non- current assets. . Share capital: RM7,800,000 ordinary shares and RM520,000 4% preference shares. • Ordinary share dividend proposed…Max Coco's December 31, 2020 financial information is presented below: ASSETS PHP LIABILITIES PHP Cash and cash equivalent Accounts Payable P 4,600,000 Accounts Receivable Loans Payable - due in 3 P4,000,000 2,000,000 Inventory months 300,000 700,000 Property Plant and Loans Payable - due in 13 1,000,000 8,000,000 Equipment months Max Coco sells its product at a 30% markup. In 2021, total sales amounted to P1,300,000. At the end of 2021, half of the beginning inventory and 4 of the inventory sold during the year remain unsold. What is the gross profit margin in 2021 if Max Coco's profit is P200,000? 15% 30% 16% 31%
- ABC Limited purchased 6 computers on the 30 December 2022 for $600,000. Initial Allowance is 25% and annual allowance is 20%. What is the capital allowance claimable for 2022? a. $0 b. $120,000 c. $270,000 d. $150,000Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04, 2021. A - One Supplies gave the buyer trade discount of 5% and 2%. The buyer and supplier agreed with the term of 5/15, n/30. Required. How much will be paid by 456 Company on April 20?At December 31, 2019, Park Beauticians had 1,000 gift certificates outstanding, which had been sold to customers during 2019 for $50 each. Park operates on a gross margin of 60%. How much revenue pertaining to the 1,000 outstanding gift certificates should be deferred at December 31, 2019? a. $50,000 b. $30,000 c. $20,000 d. $0 Back Next
