The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 nventory increased by 100,000 Compute the net purchases under accrual basis of accounting. A. P985,000 B. P1,050,000 C. P1,025,000 D. P945,000
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- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?DJ Company’s net accounts receivable were P250,000 as of December31, 2019, and P300,000 as of December 31, 2020. Net cash sales for 2020were P100,000. The accounts receivable turnover for 2020 was 5.00.What were DJ’s total net sales for 2020? A. P1,500,000B. P1,475,000C. P1,400,000D. P1,375,000The following information relates to Jhon Co.’s accounts receivable for 2020:Accounts receivable, 1/1/20 650,000Credit sales for 2020 2,700,000Sales returns for 2020 75,000Accounts written off during 2020 40,000Collections from customers during 2020 2,150,000Estimated future sales returns at 12/31/20 50,000Estimated uncollectible accounts at 12/31/20 110,000 What amount should Jay report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, 2020? __________
- 1. The following information relates to WOLF CORP. for the year ended 2020: Cash sales gross P250,000 Trade accounts receivable - beginning 300,000 Trade accounts receivable - ending 200,000 Advances from customers increased by 80,000 Trade notes receivable increased by 150,000 Collections on receivables 500,000 Sales returns and discounts (inclusive of P5,000 payments to customers 10,000 Write-offs of accounts receivable 5,000 Recoveries of accounts receivable written-off (included in collections) 2,000 Trade notes receivable discounted (notes receivable was credited) 15,000 What is the net sales under accrual basis of accounting? A. P754,000 B. P787,000 C. P654,000 D. P733,000The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the cost of goods sold under accrual basis of accounting. A. P885,000 B. P950,000 C. P925,000 D. P845,000The following selected transactions occurred in Trouble Company during the year ended December 31, 2020: Gross sales (cash and credit) Collections from credit customers, net of 2% cash P750,000 245,000 discount Cash sales 150,000 Uncollectible accounts written off 16,000 Sales returns and allowances 8,400 Recoveries on accounts receivable written off in prior years (not included in cash received stated above) 5,421 At year-end, the company provides for estimated bad debt losses by crediting Allowance for Bad Debts for 2% of its net credit sales for the year. What is the bad debt expense for 2020? P11,732 P14,732 P15,000 P12,000
- In 2020, HK company has net credit sales of 925,000$ for the year. It had a beginning account receivable (net) balance of 38,000$ and an ending account receivable (net) balance of 36,000$, account receivable turnover (average collection period) in days is O a. 14.4 b. 16.4 O C. 12 O d. 13Zeta Company reported sales revenue of P4,600,000 in the income statement for the year ended December 31, 2020. The entity wrote off uncollectible accounts totaling P50,000 during the current year. 2019 2020 Accounts receivable 1,000,000 1,300,000 Allowance for uncollectible accounts 60,000 110,000 Advances from customers 200,000 300.000 Under cash basis, what amount should be reported as sales for the current year?Ill Company provides the following data for the year 2020: Cash sales - 500,000; Collection from customers -3,950,000; Increase in accounts receivable - 250,000; Decrease in notes receivable - 50,000; accounts receivable written off - 100,000; sales discounts - 200,000; and sales return and allowances - 70,000 (20,000 of which refunded to customers) What was the amount of gross sales for 2020? P5,020,000 P4,900,000 P4,500,000 d. P5,000,000
- The following information is available for Grace Company for 2020: Disbursements for purchases P1,050,000; Increase in trade accounts payable 75,000; Decrease in merchandise inventory 30,000; Costs of goods sold for 2010 was P1,155,000. P1,095,000. P945,000.In 2020, HK company has net credit sales of 925,000S for the year. It had a beginning accountreceivable (net) balance of 38,000$ and an ending account receivable (net) balance of 36,000$. The HK company account receivable turnoveris a. 24.3 Ob. 25.7 Dic. 25 d. 22At January 1, 2024, Tarjee Inc. reported the following information on its statement of financial position: Accounts receivable $530,000 40,000 Allowance for expected credit losses ,40,000 During 2024, the company had the following summary transactions for receivables: Sales on account, $1,930,000; cost of goods sold, $1,061,500; return rate, 5% Selling price of goods returned, $76,000; cost of goods returned to inventory, $41,800 Collections of accounts receivable, $1,700,000 Write-offs of accounts receivable deemed uncollectible, $53,000 Collection of accounts previously written off as uncollectible, $12,000 After considering all of the above transactions, total estimated uncollectible accounts, $32,000 Prepare the journal entries to record each of the above summary transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…