How much were the discounts lost? Hepson Company is specializing on sale of printers and related gadgets,
Fantastic news! We've Found the answer you've been seeking!
Question:
How much were the discounts lost?
Transcribed Image Text:
Hepson Company is specializing on sale of printers and related gadgets, including ink cartridges. Their lines of merchandise include all brands, whether high-end or low-end product, catering to both individual and institutional users of the products. During the year, selected transactions relating to its purchases follow: Purchases of Bro printers from Metro Pacific Company Purchases of Howlet printers from Ayaling Corporation Purchases of ink cartridges from Metro Pacific Company Terms of Metro Pacific Company and Ayaling Corporation are as follows: Metro Pacific Company - 3/10, net/30 Ayaling Corporation - 2/10, n/30 P 836,000 524,500 180,000 During the year, the company received credit memoranda for defective merchandise returned as follows: (All returns and allowances took place within five days of purchases and prior to any payment of account) Metro Pacific Company P 52,000 Ayaling Corporation 28,500 Total cash discounts taken during the year amounted to P22,180. Hepson Company is specializing on sale of printers and related gadgets, including ink cartridges. Their lines of merchandise include all brands, whether high-end or low-end product, catering to both individual and institutional users of the products. During the year, selected transactions relating to its purchases follow: Purchases of Bro printers from Metro Pacific Company Purchases of Howlet printers from Ayaling Corporation Purchases of ink cartridges from Metro Pacific Company Terms of Metro Pacific Company and Ayaling Corporation are as follows: Metro Pacific Company - 3/10, net/30 Ayaling Corporation - 2/10, n/30 P 836,000 524,500 180,000 During the year, the company received credit memoranda for defective merchandise returned as follows: (All returns and allowances took place within five days of purchases and prior to any payment of account) Metro Pacific Company P 52,000 Ayaling Corporation 28,500 Total cash discounts taken during the year amounted to P22,180.
Expert Answer:
Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
Posted Date:
Students also viewed these accounting questions
-
How does a balance arise in the Purchase Discounts Lost account? Why does management pay careful attention to the balance (if any) in this account?
-
How much exergy is lost in a rigid vessel filled with 1 kg of liquid R-134a, whose temperature remains constant at 24C, as R-134a vapor is released from the vessel? This vessel may exchange heat with...
-
How much work potential, in Btu/lbm dry air, is lost in the cooling tower of Prob. 14-111E. Take T0 = 65oF.
-
Suppose the given numbers for a mental calculation (see Problem 59) are 10x + y and 10x + z. Notice that these two numbers have the same tens digit. Also assume that y + z = 10, which says that the...
-
The story of the telecom giant WorldCom came to a sad turn in 2002 as the firm filed for bankruptcy, with some of the managers facing criminal charges for fraud. In 2000 a severe slump in the telecom...
-
In Problems 18, first apply the formulas in (9) to find A -1 . Then use A -1 (as in Example 5) to solve the system Ax = b. Example 5 A = 5 7 12 17 5 =[$] 5 b =
-
A coaxial capacitor consisting of an inner wire and an outer cylindrical shell has a length of \(80.0 \mathrm{~mm}\) and an outer diameter of \(10.0 \mathrm{~mm}\). When connected to an...
-
Tom Baldwin can invest $6,300 in the common stock or the warrants of Lexington Life Insurance. The common stock is currently selling for $30 per share. Its warrants, which provide for the purchase of...
-
4. The atomic numbers of elements, U, V, W and X are 13, 14, 16 and 17 respectively. Which one of the elements will react with oxygen to form an ionic compound? (Atomic number of oxygen is 8) X A. B....
-
The design of a pump and pipe system has been completed, except for the valves. The system is used to transport water at 120F through 2 nom sch 40 commercial steel pipe at a required flow rate of 85...
-
A camera has intrinsic projection matrix 12 0 6 0 12 8 0 0 1 What is its focal length?
-
1 C 1 Find the value of each combination.
-
Determine the minimum number of bits a multiplier should have to keep a signalto-noise ratio above \(80 \mathrm{~dB}\) at its output. Consider that the type of quantization is rounding.
-
Describe an architecture for the parallel multiplier where the coefficients are represented in the two's-complement format.
-
41 C 2 Find the value of each combination.
-
Urn I contains seven black and three white balls; urn II contains twelve black, five white, and six red balls; and urn III contains one black, eight white, and four red balls. Roll a fair die. If the...
-
Find the derivative of each: a. y=ex + x 3et 2e +1 b. y=
-
(a) Bright Sdn Bhd (BSB) is a tax resident manufacturing company in Johor, which involves in ceramic tiles. Currently, BSBs annual sales turnover has been forecasted to be around RM 300,000 for the...
-
Review the external auditor's report on the integrated audit, presented in Exhibit. What are the important elements in that report related to internal control?
-
Summarize the five fundamental principles of ethics as articulated by the International Ethics Standards Board for Accountants (IESBA).
-
MULTIPLE-CHOICE QUESTIONS 1. Long-lived assets include which of the following? a. Tangible assets such as equipment. b. Intangible assets such as patents. c. Natural resources. d. All of the above....
-
Use the numbers for the alcohol and tobacco category from the table in the Application "Goods with a Large Consumer Surplus Loss from Price Increases" to draw a figure that illustrates the roles that...
-
Change the answer given in the Challenge Solution for the short run rather than for the long run.
-
Because many consumers choose between coffee and tea, the coffee and tea demand functions depend on both prices. Suppose the demand curves for coffee and tea are where \(Q_{c}\) is the quantity of...
Study smarter with the SolutionInn App