User Account

All Pages

How much purchase returns and allowances were recorded

Assignment Help Accounting Basics
Reference no: EM132711176

Question - Angeles Co. purchased goods amounting to P1,717,000 on February 1, 2020. Terms were 2/10, n/30. Angeles paid the whole amount on February 7, 2020. Come February 14, Angeles returned 20% of the purchased goods due to defectivity.

1) How much cash was received by Angeles Co. on February 14?

2) How much Purchase returns & allowances were recorded by Angeles Co. on February 14, 2020?

3) How much are remaining Purchase discounts on the books of Angeles Co. after February 14, 2020?

Reference no: EM132711176

Questions Cloud

Disadvantages of insect control by chemicals : Compare the advantages and disadvantages of insect control (bioinsecticides) by chemicals and by microorganisms.
How much were total trade discounts : Trade discounts were 20% and 10%. Terms were 5/15, n/45. Customer made a down payment equal to 30% of the list price. How much were total trade discounts
Identify the agents of bacterial infections : Identify the agents (bacterial) of these bacterial infections. Include the signs and symptoms; overview of the pathogen and its virulence factors; pathogenesis
Find and show entry to allocate net income to the partners : December 31, 2018 - The business recorded a net income of $30,000. Show the entry to allocate the net income to the partners' capital accounts
How much purchase returns and allowances were recorded : Angeles Co. purchased goods amounting to P1,717,000 on February 1, 2020. How much Purchase returns and allowances were recorded
Identify profiles of elder abuse perpetrators : Please read "Using Latent Class Analysis to Identify Profiles of Elder Abuse Perpetrators" by Margurite DeLiema,
Describe how dna replication occurs in bacteria : Please describe how DNA replication occurs in bacteria, (make sure to include the leading strand and lagging strand and the enzymes involved.)
Find and show the entry to admit new partner into business : Find and Show the entry to admit the new partner into the business. Mahomes joins the partnership. He is anxious to join and agrees to pay $46,000
What is regulatory capture : What is regulatory capture? How can standard setting bodies such as the Fiji Institute of Accountants avoid regulatory capture

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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