The total sales was P1,000,000 of which sales on cash basis amounted to P400,000. The polciy of the business is to provide 1% of credit sales as bad debts expense. The bad debts expense is a 10,000 b. 6,000 None C. 4,000 d.
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- 58.The following data pertains to ABC Corp: Credit sales for the period, P3,000 Credit balance of the allowance for bad debts, beg P8,000 Accounts Receivable P1,000,000 ABC estimates that 3% of accounts receivable have been uncollectible. After provision is made for the bad debts expense for the period, the allowance for bad debts at the end of the period would be: 30,000 38,000 82,000 90,000Total credit sales of the company was OMR 100,000 and total credit purchase was OMR 60,000. The estimated bad debts expense based on past experience is 8%. Calculate the value of bad debts expense under percentage of sales method. E (1 Mark) OMR 12,800 OMR 3,200 OMR 4,800 OMR 8,000KK Co. normally takes 30 days to pay for its average daily credit purchases of P2,000. Its average daily sales are P3,000, and it collects accounts in 25 days. What is its net credit position? (Note that a negative position implies receivables exceed payables.)A. P1,000 C. P15,000B. (P1,000) D. (P15,000)
- The following are some information for Sham Co. for 7/2020: VAT: 16%, All transactions were paid in cash: VAT balance was 4,280 NIS (credit) Sales amounts in 7/2020 were 400,000 NIS including VAT. Purchase amounts in 7/2020 were 300,000 NIS not include VAT. Return sales amounts in 7/2020 were 10,000 NIS including VAT. Bad debt amounts in 7/2020 were 2,500 NIS including VAT. Required: 1- Determine the VAT amounts which you should pay or return. 2- Record the entries for transactions. 3- prepare VAT ledger for month 7/2020Related data of V Company: Accounts receivable, beginning P395,200 Allowance for bad debts, beginning 8,500 Sales for the year 5,000,000 Collection 4,680,000 Percentage of Bad debts is 2% of Accounts receivable How much is the Net realizable value?20. Sales (all on credit), P600,000 Accounts receivable, P100,000 Allowance for uncollectible accounts, P3,000 Assume aging of accounts revealed that allowance of P10,000 is needed to take care of possible uncollectible accounts. Assume further that the allowance has a debit balance before adjustment. Uncollectible accounts expense is equal to:
- 8. Company $6,000,000 R had net credit sales of and cost of goods sold of for the year. The Accounts $2,000,000 Receivable balances at the beginning and end of the year were $350,000 and $250,000, respectively. What is the accounts receivable turnover ratio? ● 17.1 times 10.0 times 13.3 times 20.0 timesORANGE Co. factored ₱3,000,000 of accounts receivable without recourse. The factor required an assessment fee of 10% of the accounts factored and a holdback of 15% of the accounts factored for possible sales returns and allowances. The accounts factored had a related allowance for doubtful accounts of ₱200,000. What amount of loss on factoring should be recognized? A. ₱ 300,000 B. ₱ 650,000 C. ₱ 750,000 D. ₱ 100,000XYZ Company's Average Accounts payable is OMR 240,000 and total Purchases is OMR 700,000. The Cash purchases are 30% of total purchases. In this case, the Average payment period of the company will be: O a. 145.75 days O b. 182.94 days O c. 192.67 days O d. 178.78 days
- Net sales for the month are W800,000,000 and bad debts are expected to be 1.5% of net sales. What would be the net Accounts receivable on the balance sheet? A. W800,000,000. B. W78,800,000 C. W12,000,000. d D. W31,000,000 O OLOL Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5%loan with a bank. The entity was also assessed by the bank a finance charge of 6% on thetransaction and is paid up front. What amount should be recorded as a gain or loss on thetransfer of accounts receivables? A. PO B. P240,000 loss C. P100.000 gain D. P150,000 gainVKS Co. assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a bank. The entity was also assessed by the bank a finance charge of 6% on the transaction and is paid up front. What amount should be recorded as a gain or loss on the transfer of accounts receivables?