Additional Information: 1. Wages are paid each month of OMR 2000, which are paid in month that they are incurred 2. 40% of the Sales are on credit - and we allow one - month credit period - and 60% of The sales for immediate settlement 3. Half of the Purchases are on credit - and 1 month credit period - and half are for immediate settlement 4. The balance at the bank as at 31st December 2019 was OMR 8000 What will be the Closing balance of cash on March, 2020? Select one: a. None of the options b. OMR 6800 c. OMR 6900 d. OMR 6200

Additional Information: 1. Wages are paid each month of OMR 2000, which are paid in month that they are incurred 2. 40% of the Sales are on credit - and we allow one - month credit period - and 60% of The sales for immediate settlement 3. Half of the Purchases are on credit - and 1 month credit period - and half are for immediate settlement 4. The balance at the bank as at 31st December 2019 was OMR 8000 What will be the Closing balance of cash on March, 2020? Select one: a. None of the options b. OMR 6800 c. OMR 6900 d. OMR 6200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 3P: Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the...

See similar textbooks

Similar questions

The revaluation surplus as of December 31, 2020 isa. P1,720,000 c. P1,800,000b. P1,710,000 d. P 960,000
2020 2019 Receivable from Construction contract Costs incurred each year. Construction in progress Partial billings on contract Collection each year P252,000 P240,000 460,800 292,800 873,600 240,000 720,000 2,167,000 8. The gross profit recognize from the long term construction contract is: 2019 2020 a. P52,800 P52,800 P547,200 b. P40,800 P240,000 C. d. P40,800 P307,200 P120,000
Total selling expenses for 2020 must be A. P900,000B. P1,050,000C. P1,080,000D. P1,230,000E. Answer not given
The Bellview Corporation, which sells a single commodity, show the following operating results for a 3-year period: 2018 2019 2020 Р6,000,000 4,080,000 P1,920,000 1,400,000 P520,000 Р6,200,000 4,216,000 P1,984,000 1,500,000 P484,000 Sales P4,500,000 2,925,000 P1,575,000 1,200,000 P375,000 Cost of Sales Gross Profit Operating Expenses Net Income The selling prices of the commodity sold were as follows: in 2018, P22.50%3; in 2019, P24.00; and in 2020, P25.00. REQUIRED: 1. Prepare a summary of the detailed changes in gross profit for 2019 and 2020 as compared with the year immediately preceding in terms of volume changes and price changes for both sales and costs. CS Smad atth Camnnor
Indicate the tramsaction prie for this situation and when revenue will be recognized Groupo sels goods to Magnus for $500,000 payment due in two installments first installment payable in 18 months and the second paymend due 6 months later. The present value of the future payments is $464,000 O $500.000 recognized at the point of sale O $464.000 reciognized at the point of sale and recognized interest revenue over the payment period O $500.000 recognize $250,000 in 18 months and $250,000 recognized 6 months later $500.000 recognize $464 000 revenue and $36.000 of interest revenue
What interest was earned if P500 500 is invested at 10 1/2% from October 20, 2019 to March 20, 2020? A P22 042.85 B P522 396.88 C) P21 896.88 D) P479 520.96
The sales and profit for two years are as below: Sales Profit 2019 60000 17000 2020 90000 32000 Calculate Profit when sales are OMR 120000 Select one: a. OMR 48000 b. None of the options c. OMR 47500 d. OMR 47000
II IIUTIOLIUITFIUVIUEU Dy reision FIGII ACLUGI y. a. Projected benefit obligation as of December 31, 2020 = $3,200. b. Prior service cost from plan amendment on January 2, 2021 = $600 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2021 = $640. d. Service cost for 2022 = $690. e. Discount rate used by actuary on projected benefit obligation for 2021 and 2022 = 10%. Payments g. Payments to retirees in 2022 = $570. h. No changes in actuarial assumptions or estimates. i. Net gain-AOCI on January 1, 2021 = $370. j. Net gains and losses are amortized for 10 years in 2021 and 2022. to retirees in 2021 = $500. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2021 = $2,300. b. 2021 contributions = $660. c. 2022 contributions = $710. d. Expected long-term rate of return on plan assets = 12%. e. 2021 actual return on plan assets = $210. f. 2022 actual return on plan assets = $260. Required: 1. Calculate…
On December 31, 2021, the market value of this material had 6-month, P5,200,000 purchase commitment for a supply of a On October 1, 2021, Gorgeous Company entered into a Problem 12-16 (IAA) apecial product. fallen to P5,000,000 On March 31, 2022, the market value of the purchase commitment is P4,900,000. What amount should be recognized as loss on purchase commitment ìn 2022? a. 200,000 b. 100,000 c. 300,000 d. 0.
A 10% P1,000,000 note payable of Mango Company had a carrying amount of P870,296 and P896,489 on December 31, 2020 and December 31, 2021, respectively. How much is the interest expense for 2020?
On November 1, 2021 Jeremiah corp, signed a noncancellable purchase commitment with its main supplier to purchase $900,000 of raw materials on March 1, 2022. By december 31, 2021, the raw materials under this contract had a market value of $890,000. On the march 1 purchase date, the market price was $850,000. Prepare the journal entries if needed on Nov 1 900,000 dec 31 890,000 march 1 850,000
On March 31, 2020, Company A issued 18% bearing note payable in ten semi-annual instalments every September 30 and March 31 starting September 30, 2020; P 5,0000,000. The market interest rate for this type of transaction is 10%. Get: Present Value/ Carrying Value Beg. Carrying Value December 31, 2022