On June 1, 2013, Ellaine Co. established an agency in Davao, sending samples costing P4,200,000 which...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On June 1, 2013, Ellaine Co. established an agency in Davao, sending samples costing P4,200,000 which are useful until May 31,2014 and have a salvage value of 20% of cost. A working fund of P3,412,500 is to be maintained using the imprest basis. During 2013, the agency submitted to the home office sales order amounting to P35,437,500.Sales per invoice were P27,562,500 which were duly approved by the home office. The cost of merchandised sold during the year amounted to P14,784,000 net of 4% sales discount. The cost of merchandise sold during the year is equal to 70% of the gross selling price. Vouchers for expenses amounted to P1,837,500 How much net income would be reported by the agency on December 31,2013? On June 1, 2013, Ellaine Co. established an agency in Davao, sending samples costing P4,200,000 which are useful until May 31,2014 and have a salvage value of 20% of cost. A working fund of P3,412,500 is to be maintained using the imprest basis. During 2013, the agency submitted to the home office sales order amounting to P35,437,500.Sales per invoice were P27,562,500 which were duly approved by the home office. The cost of merchandised sold during the year amounted to P14,784,000 net of 4% sales discount. The cost of merchandise sold during the year is equal to 70% of the gross selling price. Vouchers for expenses amounted to P1,837,500 How much net income would be reported by the agency on December 31,2013?
Expert Answer:
Answer rating: 100% (QA)
ANS WER P 8 8 12 500 C AL C UL ATION Sales P 35 437 500 Cost of goods sold P 14 784 000 G ross p... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these law questions
-
A large refrigeration plant is to be maintained at - 15oC, and it requires refrigeration at a rate of 100 kW. The condenser of the plant is to be cooled by liquid water, which experiences a...
-
A large refrigeration plant is to be maintained at -18oC, and it requires refrigeration at a rate of 200 kW. The condenser of the plant is to be cooled by liquid water, which experiences a...
-
A spherical satellite circling the sun is to be maintained at a temperature of 25?C. The satellite rotates continuously and is covered partly with solar cells having a gray surface with an...
-
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: For how much money must the other assets...
-
A rubber ball (see figure) is inflated to a pressure of 60 kPa. At that pressure the diameter of the ball is 230 mm and the wall thickness is 1.2 mm. The rubber has modulus of elasticity E = 3.5 MPa...
-
Mrs. Foster meets with her family physician complaining of flu-like symptoms that have continued for almost a week. She has group health insurance through her employer, with the contract requiring a...
-
Beginning with the score equations (11.4), verify the expression for the logit case in equation (11.5). a L() = x; (y; (x;)) i=1 '(x(B) (x)(1-(x)) = 0, (11.4)
-
Mayfield, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Mayfield completed the...
-
Discuss the concepts of mean, median, mode, and standard deviation. Include when each should be used and evaluate the differences of each.
-
A company wants to build a website where user can register themselves and buy/renew health insurance policies. Also, they can process claims from a separate section on the website. Once logged in,...
-
If the desired security strength of the KDF algorithm is 128 bits and SHA-1is used, determine the security strength of K.
-
s tart thinking about the current world of HRIS and how we've all had to adapt recently. just thinking and talking about current events and relating them back to HRIS and HR/IT/Management decisions....
-
Of the qualitative, quantitative, and mixed research methods, which is most beneficial for leaders? Why do you think this is the case?
-
Using a search engine or database, conduct research including references; taking into consideration the following: Diversity Diversity Management Culture ?
-
choose a risky health behavior among young adult use Harm-reduction Approach or Punitive Policy to solve the problem.
-
In 2008, the Americans with Disabilities Act was amended, and was retitled the Americans with Disabilities Act as amended (ADAAA). What were the three key changes in the act, and why were these...
-
Blossom Company manufactures basketballs. The first step is the production of internal rubber bladders. Materials are added at the beginning of the production process, and conversion costs are...
-
United Business Forms capital structure is as follows: Debt ............................................ 35% Preferred stock ........................... 15 Common equity .......................... 50...
-
At the end of 2013, Fulhage Company reported taxable income of $9,000 and pretax financial income of $10,600. The difference is due to depreciation for tax purposes in excess of depreciation for...
-
When do companies recognize gains and losses from the extinguishment of debt? Where are the gains and losses disclosed in the income statement?
-
Explain the dollar-value LIFO method of inventory valuation. What are the advantages of dollar-value LIFO as compared to simple LIFO?
-
Define and distinguish between an open and a closed adoption.
-
Define and distinguish between an independent and an agency adoption.
-
Define and give an example of an equitable adoption.
Study smarter with the SolutionInn App