The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000 Freight costs 5,000 Terms 3/15, n/30 Shipping Date December 28, 2023 Date goods received by the customer January 3, 2024 Date payment is received by Spurs January 5, 2024 Question: 9. If the term is FOB destination, how much sales should be recorded by Spurs for the year ended December 31, 2023? a. P0 b. P490,000 c. P495,000 d. P500,000

The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000 Freight costs 5,000 Terms 3/15, n/30 Shipping Date December 28, 2023 Date goods received by the customer January 3, 2024 Date payment is received by Spurs January 5, 2024 Question: 9. If the term is FOB destination, how much sales should be recorded by Spurs for the year ended December 31, 2023? a. P0 b. P490,000 c. P495,000 d. P500,000

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:12. If the term is FOB destination, freight prepaid, how much net cash dis Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:10. If the term is FOB shipping point, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:13. If the term is FOB shipping point, freight prepaid, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:11. If the term is FOB destination, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.
Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?
Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold $212,100 Rent expense $30,100 Freight-out 6,010 Sales discounts 7,010 Insurance expense 5,100 Sales returns and allowances 12,010 Salaries and wages expense 55,100 Sales revenue 385,000 Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate Enter the gross profit rate in percentages %
The following information related to the Jordanian company during the accounting period ended 31/12/2020: The company sales the goods with right of return within (45) days On 7/ April the company sold goods on account amounted $180,000, it cost equals $60,000 On 7/April the company estimated the percentage of return equals 20% - Assume on 30/4 that the buying company returns 10% of the amount of goods sold - According to the above information answer the following questions: 1. The credit side of the journalize entry(entries) to record the sales transaction on 7/ April included: a. Allowance for right to return- $36.000 b. Account receivable – $144,000 c. sales revenue - $180.000 d. None of the above 2. The credit side of the journalize entry(entries) to record cost of goods sold on 7/ April included: a. estimated return inventory- $12,000 b. inventory - $60,000 c. inventory- $48,000 d. a +c 3. The debit side of the journalize entry(entries) to record the return goods on 30/ April…
Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000
1. FDN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P35,000, terms 2/10, n/30. Returned P900 of the shipment for credit. Paid P400 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases? 2. On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period? 3. FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of…
Recording Sales and Shipping Terms Milano Company shipped the following merchandise during the last week of December 2022. All sales were on credit. Sales Price Shipping Terms Date Goods Shipped Date Goods Received $5,460 FOB shipping point December 27 January 3 $3,800 FOB destination December 29 January 5 $4,250 FOB destination December 29 December 31 Required: 1. Compute the total amount of sales revenue recognized by Milano from these transactions. 2. If Milano included all of the above shipments as revenue, what would be the effect on the financial statements? Enter all amounts as positive numbers.
FN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?