Reference no: EM133065440
Question - You are examining the financial statements of URMYCPA INC for the year ended December 31, 2017. The company maintain its books on a semi-basis. Purchase and sales are recognized on an accrual basis while other operating expenses are kept on cash basis. The company's book keeper presented to you a draft of its statement of income for the year under audit:
Sales P600,000
Cost of Sales 360,000
Gross profit 240,000
Other Expenses 29,000
Depreciation Expense (166,000)
Interest Expense (20,000)
Net Income 25,000
Additional Information:
-All purchases of inventory are on account and other expense reflect those expenses paid in cash during the period.
-The company had open invoice from suppliers amounting to P120,000 on December 31, 2017 and 116,000 on January 1, 2017.
-The company had outstanding invoices (uncollected invoices) to customers amounting to P96,000 on January 1, 2017 and 110 on December 31, 2017.
-Inventory taking at the end of each year revealed that inventory on hand on December 31, 2016 amounted to P 186,000 while inventory on December 31, 2017 was P174,000.
Required -
1. How much was paid for inventory purchases?
2. How much was received from customers in 2017?
|
Prepare a correct trial balance
: Prepare financial statements for the month and Journalize and post adjusting entries - Prepare post-closing trial balance
|
|
Ethical and legal issue in health care
: What is the present status on patient rights under the Affordable Care Act (ACA), and how do these rights protect Grandma Lucy and Grandpa Peter?
|
|
Prepare functional income statement using absorption costing
: Wright Development purchases, develops, and sells commercial building sites. Prepare functional income statement using absorption costing
|
|
State the determinants of demand
: 1. Explain the law of demand and its exceptions. 2. State the determinants of demand.
|
|
How much was paid for inventory purchases
: The company had outstanding invoices (uncollected invoices) to customers amounting to P96,000 on January 1, 2017. How much was paid for inventory purchases
|
|
BUS 755-Strategic Planning and Implementation
: BUS 755-Strategic Planning And Implementation. Find the mission statements of two different charities from a similar focus.
|
|
Cost function for producing single design
: The variety of Riverside Ranger logo T-shirts includes 12 different designs. Setup between designs takes one hour (and $21,000), and, after setting up, you can
|
|
What was the net book value of the vehicle at December
: What was the net book value of the vehicle at December 31, 2021, under the straight-line and units-of-production depreciation methods, respectively
|
|
Develop an implementable strategic marketing plan
: Develop an implementable strategic marketing plan - how you put your marketing strategy into practice. It should therefore be a practical reflection
|