GIS MG Ha publishing company, shipped 500 copies of an introductory accounting text to the North York University Bookstore on August 31, 2007 The books had a retail price of $100 each, and the bookstore was entitled to a trade discount of 30%, to the cost for the bookstore was $70 per book by December 31, 2007 the books had not been paid for, but OK (400) of them had been sold. According to the contract of tale, up to 10 of the order was returnable to the publicher if mold within one year, but not more than 10% and nothing after a year from the delivery. At the bookstore it is confidently expected that the old books will be sold in lanuary 2008 A) in the income statement of MG Hill, what would be the amount of revenue Pogled in year 2007 922-When Mercator Manufacturing inc. checked its stores, it had the following Inventory on hand as at December 31, 2015 -For each of the following show how the inventory would appear in the balance sheets at December 31, 2015 95.000 litres of lubricating all that had cost $2.50 per litres As at December 33, the replacement price was $3.00 per litre 950.000 kg of steel that had cost $0.50 per ke As at December 1, the replacement price was $0.48 perbe (1) Spare parts that had cost $25.000: Mostly for production machinery that was no longer in eo It was unlikely they could be used. They have no retale value replacement control unit for a customer's ming machine, which has a real value of $10,000 the control unit was bought by the customer so that Mercator could use it to repair the milling machine IM 20.000 of lectronic parts that were in pond working order but had gone beyond their dates on the package Total entory value -If Mette Manufacturing sales for 2015 totalted $500,000, cable The inventory turnover ratio (4) The lewentury holding period 3) in the income statement of North York University to what we the revenue recognized in year 20077 in the income statement of North York Univery Bookstore, what would be the cost of recognized in year 2007? D) For the North York University Bookstore the gross profit percent on this transaction would be 021 As at December 11, 2015. Superior Software Inc. had a total of 52.100.000 recorded as owed by credit sale customers of this $380,000 was owed by customer who ran away and is unlikely to pay his debt, in respect of the balance the company has decided to introduce or the first time) provision for doubtful accounts of 5% of the amount owed. Al How would the counts receivable appear on the balance sheet us at December 31, 20157 Q19-MG Hill, a publishing company, shipped 500 copies of an introductory accounting text to the North York University Bookstore on August 31, 2007. The books had a retail price of $100 each, and the bookstore was entitled to a trade discount of 30%, so the cost for the bookstore was $70 per book. By December 31, 2007 the books had not been paid for, but 80% (400) of them had been sold. According to the contract of sale, up to 10% of the order was returnable to the publisher if unsold within one year, but not more than 10%, and nothing after a year from the delivery. At the bookstore it is confidently expected that the unsold books will be sold in January 2008. A) In the income statement of MG Hill, what would be the amount of revenue recognized in year 2007 B) In the income statement of North York University Bookstore, what would be the revenue recognized in year 2007? C) in the income statement of North York University Bookstore, what would be the cost of goods sold recognized in year 2007? D) For the North York University Bookstore, the gross profit percentage on this transaction would be Q21-As at December 31, 2015, Superior Software Inc. had a total of $2,800,000 recorded as owed by credit sale customers. Of this, $380,000 was owed by a customer who ran away and is unlikely to pay his debt. In respect of the balance, the company has decided to introduce (for the first time) a provision for doubtful accounts of 5% of the amount owed. A) How would the accounts receivable appear on the balance sheet as at December 31, 2015? Q22-When Mercator Manufacturing Inc. checked its stores, it had the following inventory on hand as at December 31, 2015. -For each of the following, show how the inventory would appear in the balance sheet as at December 31, 2015. (1) 5,000 litres of lubricating oil that had cost $2.50 per litre: As at December 31, the replacement price was $3.00 per litre. (ii) 50,000 kg of steel that had cost $0.50 per kg: As at December 31, the replacement price was $0.48 per kg. (iii) Spare parts that had cost $25,000: Mostly for production machinery that was no longer in use, so it was unlikely they could be used. They have no resale value. (iv) replacement control unit for a customer's milling machine, which has a resale value of $10,000: The control unit was bought by the customer so that Mercator could use it to repair their milling machine. (v) 20,000 of electronic parts that were in good working order but had gone beyond their "sell by" dates on the packages. (vi) Total Inventory value -If Mercator Manufacturing's sales for 2015 totalled $500,000, calculate: The inventory turnover ratio (ii) The inventory holding period