4. Venues Company provided the financial information for the current year: ACCOUNTS Sales Cost of Sales...
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4. Venues Company provided the financial information for the current year: ACCOUNTS Sales Cost of Sales Administrative Expenses Sales Commission Interest Revenue Freight Out Uncollectible Accounts expense Remeasurement of a defined equity plan Loss on sale of equipment Dividends received from Fair Company - 30% interest Unrealized Gain on equity investment measured at Fair value Loss on early retirement of long-term debt DEBIT 1. Cost of Goods Manufactured 2. Income from Continuing Operations 124,000 7,000 5,000 1,500 1,500 1,000 2,000 CREDIT 157,500 2,500 4,500 2,000 3,000 Additional Information: Finished goods inventory: Jan1 - P40,000; Dec 31- P36,000; Income Tax rate 30% Required: Compute for the following: 4. Venues Company provided the financial information for the current year: ACCOUNTS Sales Cost of Sales Administrative Expenses Sales Commission Interest Revenue Freight Out Uncollectible Accounts expense Remeasurement of a defined equity plan Loss on sale of equipment Dividends received from Fair Company - 30% interest Unrealized Gain on equity investment measured at Fair value Loss on early retirement of long-term debt DEBIT 1. Cost of Goods Manufactured 2. Income from Continuing Operations 124,000 7,000 5,000 1,500 1,500 1,000 2,000 CREDIT 157,500 2,500 4,500 2,000 3,000 Additional Information: Finished goods inventory: Jan1 - P40,000; Dec 31- P36,000; Income Tax rate 30% Required: Compute for the following:
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ANSWER To calculate the Cost of Goods Manufactured we need to start with the Cost of Sales and ... View the full answer
Related Book For
Auditing A Risk Based Approach to Conducting a Quality Audit
ISBN: 978-1305080577
10th edition
Authors: Karla Johnstone, Audrey Gramling, Larry E. Rittenberg
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