Question
25. CANDY purchased from SWEET goods costing P7,000, terms 2/10, n30; FOB shipping point, freight prepaid. SWEET pays P410 shipping cost to LBS FREIGHT FORWARDERS
25. CANDY purchased from SWEET goods costing P7,000, terms 2/10, n30; FOB shipping point, freight prepaid. SWEET pays P410 shipping cost to LBS FREIGHT FORWARDERS CO. If CANDY avails the 2% purchase discount, how much total cash should CANDY remit to SWEET at the time of payment?
a. P7,270.00
b. P6,450.00
c. P6,458.20
d. P7,261.80
31. The shareholders equity of Gabumpa Corporation as of January 1, 2007 is as follows: Ordinary Share Capital, P20 par, 200, 000 shares, Authorized; 120, 000 shares issued and outstanding P2, 400, 000 Share Premium 280, 000 Retained Earnings 1, 540, 000
Gabumpa recorded the following transactions during 2007: a. Acquired 2, 000 shares of its ordinary share capital for P70, 000 b. Sold 1, 200 treasury shares at P42 per share
Assuming no other equity transactions occurred during 2007, what should Gabumpa report at December 31, 2007 as additional paid in capital?
a. P280, 000
b. P8, 400
c. P288, 400
d. P271, 600
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