Reference no: EM133185742
Question - Yellow Company reported net income for 2021 at P1,550,000 before any adjustments. Upon inspection of the records, the following facts were discovered for the year ended December 31, 2021.
A fire insurance premium of P40,000 was paid and charged as insurance expense for 2021. The fire insurance policy covers one year from April 1, 2021.
Inventory on January 1, 2021 was understated by P80,000. Inventory of December 31, 2021 was understated by P120,000.
Taxes of P60,000 for the fourth quarter of 2021 were paid on January 20, 2022 and charged as expense of 2022.
On December 5, 2021 a cash advance of P100,000 by a customer was received for goods to be delivered in January , 2022. The amount of P100,000 was credited to sales.
Required - What amount should be reported as net income for 2021?
|
At what amount should retained earnings be retroactively
: Blue Company revealed the following errors in the financial statements: At what amount should retained earnings be retroactively adjusted on January 1, 2022
|
|
Devise a cultural analysis and marketing plan
: Choose a country and a product / service that is not currently found in the targeted country and devise a cultural analysis and marketing plan for the chosen co
|
|
Define the theoretical research
: Define the following terms: theoretical research, applied research, and practitioner. Explain why a practitioner would want to be involved in both types of rese
|
|
Two component parts from three different suppliers
: Edwards Manufacturing Company purchases two component parts from three different suppliers. The suppliers have limited capacity, and no one supplier can meet al
|
|
What amount should be reported as net income
: Taxes of P60,000 for the fourth quarter of 2021 were paid on January 20, 2022 and charged as expense of 2022. What amount should be reported as net income
|
|
What will be the contribution margin ratio
: MMM Enterprises produces and sells products XY and makes available to you the following data: Total fixed cost P600,000. What will be Contribution Margin Ratio
|
|
Verbal communications skills are vital
: As far as professional skills go, verbal communications skills are vital. Provide an example of one instance in which you felt uncomfortable speaking/presenting
|
|
How would the competitive of crocs be assess
: Crocs, Inc. is an American company based in Broomfield, Colorado that manufactures and markets the Crocs brand of foam clogs. They are a single product company
|
|
Evaluate a product or service perceived value
: When customers are ready to make a purchase, they typically evaluate a product or service's perceived value against the asking price on the tag.
|