User Account

All Pages

Determine amount that should reported as current liability

Assignment Help Accounting Basics
Reference no: EM132852817

Question - The following information relates to Camella's Company obligations as of December 31, 2017. For each of the numbered items, determine the amounts, if any, that should be reported as current liability in the company's December 31, 2017 statement of financial position.

Accounts Payable per ledger amounted to P 5,440,000, net of P 240,000 debit balances of supplier's accounts. The unpaid voucher file includes the following that had not been recorded:

For A Company- P 224,000 merchandise shipped on December 31, 2017, FOB destination; received January 10, 2018

B Enterprise - P 192,000 merchandise shipped on December 26, 2017, FOB shipping point; received January 16, 2018

C Janitorial Services - P 144,000 janitorial services for the three-month period ending January 31, 2018.

NORECO - P 67,200 electric bill covering a period of December 16, 2017 to January 15, 2018.

On December 28, 2017, a supplier authorized Camella to return goods billed at P 160,000 and shipped on December 20, 2017. The goods were returned by Camella on December 28, 2017, but the P160,000 credit memo was not received until January 6, 2018. Determine the amount, if any, that should be reported as current liability in the company's December 31, 2017 statement of financial position.

Reference no: EM132852817

Questions Cloud

Define frequency distribution : 1. Define frequency distribution and when is a frequency distribution table more beneficial to utilize.
How much overhead was over- or - under-applied : The company estimated they would incur $242,000 in overhead and 8,000 DLH. How much overhead was over- or - under-applied
Linear programming model for corona sporting company : The Corona Sporting Company makes two types of balls: Soccer balls and Cork balls. The making of each soccer ball and cork ball requires 3 hours and 4 hours of
Illustrate levels of difficulty found in the new taxonomy : Based on kendall's and Marzano's new taxonomy, select learning competencies from the k to curriculum guide to illustrate levels of difficulty found in the new t
Determine amount that should reported as current liability : Determine the amount, if any, that should be reported as current liability in the company's December 31, 2017 statement of financial position
What is the value at risk for the fund : What is the 5% Value at Risk for the fund? Enter answer in millions, accurate to two decimal places
Construct a stem-and-leaf display using repeated stems : Construct a stem-and-leaf display using repeated stems. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.)
Find the probability that in a sample of 10 customers : At a Noodles & Company restaurant, the probability that a customer will order a nonalcoholic beverage is .46.
Differentiate the process of planning the audit : Differentiate the process of planning the audit in a manual system and a computerized system

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the ways a realistic budget will benefit the owner

Briefly discuss the ways a realistic budget will benefit the owner of Babycakes versus having no budget at all. Be sure to use Babycakes as the company.

  Compute the product margins for xtreme and pathfinde product

Compute the product margins for the Xtreme and the Pathfinder products under the activity-based costing system.

  How much net income or loss would recorded

Determine If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May?

  Individual assignment system evaluation

how the business requirements drove the system's initial development.Describe the type and basic uses of the system,

  Discuss the importance of framing or mental accounting

Discuss the importance of framing or mental accounting from a behavioral risk perspective and its relationship to Benartzi and Thaler's explanation.

  What is the approximate present value of the five payments

The payments are to begin three years from today. Given an annual rate of 8%, what is the approximate present value of the five payments?

  Jess transfers the note for value to pam

Gil makes out a $900 negotiable promissory note payable to Ben. By special indorsement, Ben transfers the note for value to Jess. By blank indorsement, Jess transfers the note for value to Pam.

  Lockard company purchased machinery on january 1 2012 for

lockard company purchased machinery on january 1 2012 for 138560. the machinery is estimated to have a salvage value of

  How much will the account be worth at that time

For the last 19 years, Mary has been depositing $500 in her savings account , which has earned 5% per year, compounded annually and is expected to continue.

  The central valley company is a merchandising firm that

the central valley company is a merchandising firm that sells a single product. the companys revenues and expenses for

  How many analysts rated the company

How many analysts rated the company? How do the analysts rank this company among all the companies in its industry

  Screening for potential equity investments

When screening for potential equity investments based on return on equity, to control risk, an analyst would be most likely to include a criterion that requires:

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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