As part of your audit of receivables, you performed a cut-off test of sales. Results revealed...

Transcribed Image Text:

As part of your audit of receivables, you performed a cut-off test of sales. Results revealed the following: 1. Recorded sales in December 2019 Selling price Cost P 18,000 P 16,500 FOB Shipping point 12,500 10,200 FOB Destination 8,680 7,240 FOB Destination 14,200 12,500 Shipped to consignee 7,500 FOB Shipping point 7,750 FOB Destination 9,000 10,000 7,800 14,000 2. Recorded sales in January 2020 6,100 FOB Shipping point 12,000 Shipped to consignee Selling price P 21,000 P 18,200 10,500 4,500 6,500 Sales Cost of Sales Terms Cost Terms FOB Shipping point 8,800 FOB Destination 3,200 FOB Destination 5,000 FOB Shipping point 1. Accounts Receivable 2. Inventories 3. Sales 4. Cost of Sales 5. Gross Profit Shipment Date Required: Determine the adjusted balance of the following: 12/26/19 12/26/19 12/27/19 12/29/19 12/30/19 12/31/19 12/31/19 12/31/19 Shipment Date 12/31/19 12/31/19 01/02/19 01/02/19 276,500 425,000 1,320,000 842,000 Received by Customer A count of all inventories within the premises was made in the morning of December 31, 2019 prior to any shipment made during the day. The total cost of the count was recorded as inventories as of December 31, 2019. This good shipped to consignee are still unsold at December 31, 2019. The adjusted ledger balances of pertinent accounts are as follows: Accounts Receivable Inventories 12/29/19 12/29/19 01/02/20 01/02/20 01/02/20 01/03/20 01/02/20 01/02/20 Received by Customer 01/03/20 01/03/20 01/03/20 01/05/20 As part of your audit of receivables, you performed a cut-off test of sales. Results revealed the following: 1. Recorded sales in December 2019 Selling price Cost P 18,000 P 16,500 FOB Shipping point 12,500 10,200 FOB Destination 8,680 7,240 FOB Destination 14,200 12,500 Shipped to consignee 7,500 FOB Shipping point 7,750 FOB Destination 9,000 10,000 7,800 14,000 2. Recorded sales in January 2020 6,100 FOB Shipping point 12,000 Shipped to consignee Selling price P 21,000 P 18,200 10,500 4,500 6,500 Sales Cost of Sales Terms Cost Terms FOB Shipping point 8,800 FOB Destination 3,200 FOB Destination 5,000 FOB Shipping point 1. Accounts Receivable 2. Inventories 3. Sales 4. Cost of Sales 5. Gross Profit Shipment Date Required: Determine the adjusted balance of the following: 12/26/19 12/26/19 12/27/19 12/29/19 12/30/19 12/31/19 12/31/19 12/31/19 Shipment Date 12/31/19 12/31/19 01/02/19 01/02/19 276,500 425,000 1,320,000 842,000 Received by Customer A count of all inventories within the premises was made in the morning of December 31, 2019 prior to any shipment made during the day. The total cost of the count was recorded as inventories as of December 31, 2019. This good shipped to consignee are still unsold at December 31, 2019. The adjusted ledger balances of pertinent accounts are as follows: Accounts Receivable Inventories 12/29/19 12/29/19 01/02/20 01/02/20 01/02/20 01/03/20 01/02/20 01/02/20 Received by Customer 01/03/20 01/03/20 01/03/20 01/05/20

Answer rating: 100% (QA)

The adjusted Balance of Accounts receivables Inventories Sale... View the full answer