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a) Hong Company on June 15 sells merchandise on account to Chaz Co. for $ 1,000, terms 2010, n/30. On June 20. Chaz Co. returns
a) Hong Company on June 15 sells merchandise on account to Chaz Co. for $ 1,000, terms 2010, n/30. On June 20. Chaz Co. returns merchandise worth $ 200 to Hong Company. On June 23, payment is received from Chaz Co. for the balance due. Calculate the amount of cash received by Hong Company on June 23. b) Aqua company purchase machinery costing Rs.800,000 on 1- January 2015. Depreciation is charged Rs.80,000 per year. Calculate the book value of machine to be reported in the balance sheet at 31 December 2017. c) In unadjusted trial balance of Bela company prepaid salaries are shown as Rs 80,000 while adjustment data prepared on 31 Dec shows prepaid salaries of Rs.10,000.Calculate the amount of salaries expense for the year after adjustment d) Net sales for the month are $ 900,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of-sales basis to calculate estimated bad debt. If Allowance for Doubtful Accounts has a credit balance of $15,000 before adjustment. Calculate the balance of Allowance for Doubtful Accounts after adjustment. e) Medora Corporation has account receivable of Rs.1,000,000 and allowance for doubtful account Rs. 158,000 as at 31 Dec 2020. Calculate the Estimated collectible value of account receivable as at 31 Dec 2020
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