Compute for the correct sales that should be reported

Assignment Help Financial Accounting
Reference no: EM132608837

In testing the sales cut-off for ABC Co. for the year ended October 31, 2019 , you find the following information.

 

In voice

Number FOB Terms

Date Shipped

Recordedate

Sales

Cost

6671

Destination

Oct. 20

Oct. 31

P 3,000

P 2,700

6672

Shipping point

Oct. 31

Nov. 2

7,500

6,000

6673

Shipping point

Oct. 25

Oct. 31

5,400

3,600

6674

Destination

Oct. 31

Oct. 29

12,600

9,300

6675

Destination

Oct. 31

Nov. 2

27,600

24,000

6676

Shipping point

Nov. 2

Oct. 23

19,500

15,300

6677

Shipping point

Nov. 5

Nov. 6

22,500

17,400

6678

Destination

Oct. 25

Nov. 3

11,700

6,000

6679

Shipping point

Nov. 4

Oct. 31

25,800

24,600

6680

Destination

Nov. 5

Nov. 2

15,000

12,000

A physical inventory was taken as of the close of business on October 31, 2019. All customers are within a three-day delivery area of the company's plant. The unadjusted sales and inventory were P7,500,000 and P330,000, respectively.

Question 1: Compute for the correct sales that should be reported in Southgate's profit or loss statement.

Question 2: Compute for the correct balance of Southgate's inventory as of October 31, 2019

Reference no: EM132608837

Questions Cloud

What is the best method of providing feedback of assessment : What factors are most important when synthesizing psychological tests results into comprehensive reports? What is the best method of providing feedback of the.
HRMT20028 Organisational Change Management Assignment : HRMT20028 Organisational Change Management Assignment Help and Solution, Central Queensland University - Assessment Writing Service
Find what is the receivables turnover : What is the receivables turnover? How long did it take on average for credit customers to pay off their accounts during the past year?
Determine the maturity date for Freedom Flight : The amount of the note was $75,000 at an interest rate of 14%. Prepare the journal entry and determine the maturity date for Freedom Flight
Compute for the correct sales that should be reported : In testing the sales cut-off for ABC Co., Compute for the correct sales that should be reported in Southgate's profit or loss statement.
Explain to the executive management team : Explain to the executive management team how the steps you recommended will be incorporated in the organization's ERP.
How much is the patient required to pay : The fixed copayment for this type of procedure, adjusted for wages in the geographic area, is $25. How much is the patient required to pay
Evaluating the two projects with the basic npv : a. Discuss the problem in evaluating the two projects with the basic NPV.
Compute earnings per share data : Common stock, $1.00 par, authorized and issued 11,000,000 shares 11,000,000. Compute earnings per share data as it should appear

Reviews

Write a Review

Financial Accounting Questions & Answers

  Using process costing instead of job order costing

Discuss the pros and cons of using process costing instead of job order costing. Which types of companies would want to use process costing instead of job order costing?

  How should this trademark be amortized

All evidence indicates that this trademark product will generate cash flows for an indefinite period of time. How should this trademark be amortized?

  Which of the ps and ss will change on the graphic

Which of the Ps and Ss will Change on the graphic? Using the 'demand-and-supply' model, what is the likely impact of this policy on the equilibrium quantity

  Explain how does closing process differ for the partnership

Explain What are the unique financial reporting implications of the Partnership entity in comparison with the Proprietorship and Corporate structures?

  Explain how much should record as amortization expense

On Jan 5, 2011, the company determined that the copyright would expire at the end of 2016. Explain how much should the co. record as amortization expense for copyright for 2011?

  Calculate the dollar amount of each type of service

Qwik Repairs has over 200 auto-maintenance service outlets nationwide. It provides primarily two lines of service: oil changes and brake repair. Oil change–related services represent 62% of its sales and provide a contribution margin ratio of 20%. Br..

  What would be the new price per share of the firms stock

Construct RRE's market value balance sheet after both the debt issue and the land purchase. What is the price per share of the firm's stock?

  Calculate the amount of interim dividend paid in cash

Calculate the amount of interim dividend paid in cash. Show all workings. During the year ended 30 June 2020, the company declared and paid interim dividend

  Calculate debt to total assets

Calculate debt to total assets, P/E, market to book, P/FCF, and ROE for Abercrombe, Gunter, and B&C. For calculations that require a price for B&C

  What is the wacc for the last dollar raised to complete

Olsen Outfitters Inc, What is the WACC for the last dollar raised to complete the expansion? Round your answer to two decimal places.

  How many years from today can johnson company pay off

How many years from today can Johnson Company pay off the mortgage? (Do not round intermediate calculations. Round your final answer)

  Formulate a linear program to solve problem

Formulate a linear program to solve problem. Define your decision variables and explain the constraints.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd