Classify it
Cash sales to goods-in-trade
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25 The conditions under which a firm sells its goods and services for cash or credit...
25 The conditions under which a firm sells its goods and services for cash or credit a. collection policy b terms of sale с terms of endearment d credit contract 26 When a purchaser is presented with trade terms such as 2/10 net 30, we call this a. a sales discount b a trade or purchase discount с a service contract a term contract
MULTIPLE CHOICE [20 MARKS] Answer ALL questions. QUESTION ONE REQUIRED For each of the questions below write down o...
MULTIPLE CHOICE [20 MARKS] Answer ALL questions. QUESTION ONE REQUIRED For each of the questions below write down only the letter of the most appropriate ane eg. 1.11 C. Note: Calculations must not be shown in your answer book. are items that may be included as part of Trade and other receivables in the А balance sheet Trade debtors; Accrued expenses; Income received in advance Trade creditors; Accrued expenses; Income received in advance Trade debtors; Income received in advance; Prepaid...
Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions...
Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $40,040. The cost of the goods sold was $20,620. 5. Purchased merchandise on account from Papoose Creek Co., $47,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of...
Prepare a One Year Income Statement (Profit and Loss) for your proposed Business Plan. Cost per...
Prepare a One Year Income
Statement (Profit and Loss) for your proposed Business Plan.
Cost per unit is $10
Cash Flow Statement Cash flow from operations Cash receipts from customers 100,000 Cash paid for inventory (7,000) Cash paid for wages (30,000) Net Cash Flow from Operations 63,000 Cash Flow from Investing Trade fair 500 Cash paid for purchase of equipment 900 Net cash flow from Investing 1400 Cash Flow from Financing Cash paid for loan repayment 5000 Net Cash Flow...
Ashley Limited, which follows IFRS, chooses to classify interest and dividends received as well as interest...
Ashley Limited, which follows IFRS, chooses to classify interest
and dividends received as well as interest paid as operating
activities and dividends paid as financing activities. Ashley had
the following information available at the end of 2017:
Instructions
(a) Prepare a statement of cash flows for Ashley Limited using the
direct method, accompanied by a schedule that provides cash flow
from operations using the indirect approach.
(b) Does Ashley Limited have any options available for the
classification of interest and...
QUESTION FOUR W Vardy owns a general dealer shop for which he provides the following list...
QUESTION FOUR W Vardy owns a general dealer shop for which he provides the following list of account balances for the six months ended 30 June 2020. Vardy was a little concerned about the shops trading results and requested your assistance. List of balances for six months ended 30 June 2020 R Inventory: trade goods at 2 January 2020 152 100 Consumable items 17 330 Purchases - cash 201 200 Purchases - credit 334 180 Sales - cash 711 500...
Answer all. Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among...
Answer all. Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $40,040. The cost of the goods sold was $20,620. 5. Purchased merchandise on account from Papoose Creek Co., $47,400, terms FOB shipping point, 2/10, n/30, with prepaid...
please show all working Q1. Cash Budget Exercise: Below are some important figures from the budget...
please show all working
Q1. Cash Budget Exercise: Below are some important figures from the budget of the Sundays Limited for the next three months. Apr Mar $160,000 68,000 $140,000 64,000 May $192,000 80,000 Credit sales Credit purchases Cash disbursements: Wages, taxes, and expenses Interest Equipment purchases 7,000 8,000 3,000 50,000 3,000 8,400 3,000 4,000 The company predicts that 10% of its sales will never be collected. 50% of its sales will be collected in the month of the sale:...
6. The status of the accounts related to the movements of commercial goods as of the...
6. The status of the accounts related to the movements of commercial goods as of the end of the period (K), which traces its trade goods according to the intermittent inventory method, is as follows: 153 Trade Goods Hs. the remainder of the debt is 40,000. 600 Domestic Sales Hs. the remainder of the receivable is 60,000. As a result of the counting and valuation at the end of the period, it was determined that the end of period goods...
hedenit Version )dace Word 2. Use the abbreviations below to classify the following income statement items.(17...
hedenit Version )dace Word 2. Use the abbreviations below to classify the following income statement items.(17 points R E x Revenues Expenses Item generally not appearing on an income statement Income Statement Items Example Corporation, Inc. For the year ended December 31, Year 1 Accounts payable Sales Dividends paid Cost of goods sold Cash from operating activities Supplies inventory Commissions earned by sales staff Common stock Yearly depreciation on equipment Administrative office space rent on a month-to-month lease Sales from...
25 The conditions under which a firm sells its goods and services for cash or credit a. collection policy b terms of sale с terms of endearment d credit contract 26 When a purchaser is presented with trade terms such as 2/10 net 30, we call this a. a sales discount b a trade or purchase discount с a service contract a term contract
MULTIPLE CHOICE [20 MARKS] Answer ALL questions. QUESTION ONE REQUIRED For each of the questions below write down only the letter of the most appropriate ane eg. 1.11 C. Note: Calculations must not be shown in your answer book. are items that may be included as part of Trade and other receivables in the А balance sheet Trade debtors; Accrued expenses; Income received in advance Trade creditors; Accrued expenses; Income received in advance Trade debtors; Income received in advance; Prepaid...
Prepare a One Year Income
Statement (Profit and Loss) for your proposed Business Plan.
Cost per unit is $10
Cash Flow Statement Cash flow from operations Cash receipts from customers 100,000 Cash paid for inventory (7,000) Cash paid for wages (30,000) Net Cash Flow from Operations 63,000 Cash Flow from Investing Trade fair 500 Cash paid for purchase of equipment 900 Net cash flow from Investing 1400 Cash Flow from Financing Cash paid for loan repayment 5000 Net Cash Flow...
Ashley Limited, which follows IFRS, chooses to classify interest
and dividends received as well as interest paid as operating
activities and dividends paid as financing activities. Ashley had
the following information available at the end of 2017:
Instructions
(a) Prepare a statement of cash flows for Ashley Limited using the
direct method, accompanied by a schedule that provides cash flow
from operations using the indirect approach.
(b) Does Ashley Limited have any options available for the
classification of interest and...
QUESTION FOUR W Vardy owns a general dealer shop for which he provides the following list of account balances for the six months ended 30 June 2020. Vardy was a little concerned about the shops trading results and requested your assistance. List of balances for six months ended 30 June 2020 R Inventory: trade goods at 2 January 2020 152 100 Consumable items 17 330 Purchases - cash 201 200 Purchases - credit 334 180 Sales - cash 711 500...
please show all working
Q1. Cash Budget Exercise: Below are some important figures from the budget of the Sundays Limited for the next three months. Apr Mar $160,000 68,000 $140,000 64,000 May $192,000 80,000 Credit sales Credit purchases Cash disbursements: Wages, taxes, and expenses Interest Equipment purchases 7,000 8,000 3,000 50,000 3,000 8,400 3,000 4,000 The company predicts that 10% of its sales will never be collected. 50% of its sales will be collected in the month of the sale:...
hedenit Version )dace Word 2. Use the abbreviations below to classify the following income statement items.(17 points R E x Revenues Expenses Item generally not appearing on an income statement Income Statement Items Example Corporation, Inc. For the year ended December 31, Year 1 Accounts payable Sales Dividends paid Cost of goods sold Cash from operating activities Supplies inventory Commissions earned by sales staff Common stock Yearly depreciation on equipment Administrative office space rent on a month-to-month lease Sales from...
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