Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 06, 2024

The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 12/31/19 Inventory P2,600,000 P2,900,000 Account payable 750,000 500,000 ABC Co.

image text in transcribed

The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 12/31/19 Inventory P2,600,000 P2,900,000 Account payable 750,000 500,000 ABC Co. paid suppliers P4, 900,000 during 2019. How much is the cost of goods sold in 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services Plus Pearson MyLab Accounting With Pearson EText

Auditing And Assurance Services Plus Pearson MyLab Accounting With Pearson EText

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

17th Global Edition

1292312106, 978-1292312101

More Books

Students also viewed these Accounting questions

Question

★★★★★

Study the graphical output from Excel. Describe the distribution and explain why the graph takes the shape itdoes. Binomial Distribution: n = 22 and p = .64 0.2 0.18 0.16 0.14 0.12- 0.1 0.08- 0.06...

Answered: 1 week ago

Question

★★★★★

Bellezone Corporation's December 31 , 2017 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 20,000 shares authorized; 17,000 shares issued $340,000 Common stock, $10...

Answered: 1 week ago

Question

★★★★★

70. A toll bridge charges $1.00 for passenger cars and $2.50 for other vehicles. Suppose that during daytime hours, 60% of all vehicles are passenger cars. If 25 vehicles cross the bridge during a...

Answered: 1 week ago

Question

★★★★★

On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note. Interest was discounted at issuance at a 12% discount rate. Prepare the journal entry for the issuance of...

Answered: 1 week ago

Question

★★★★★

d escribe three ( 3 ) methods for calculating the value of an annuity of $ 1 0 0 per year for 5 years starting at t 1 using a 6 % discount rate. What is the PV of this annuity? Draw a clearly marked...

Answered: 1 week ago

Question

★★★★★

12. Suppose you own a house that you are renting out to a group of college students for the 10- month academic year. You are charging $1,000 per month in rent. You will collect the first rent payment...

Answered: 1 week ago

Question

★★★★★

Next Generation Ltd Trial balance on 31 December 2019 Debit Credit Share capital 570,000 Property, plant, and equipment 2,100,000 Bank 195,000 Revenue 480,000 Rental income 35,000 Cost of sales...

Answered: 1 week ago

Question

★★★★★

Perform the following steps with pen and paper - you should not write code for these steps: Write down your PI (personal identifier). Your PI will be different from your OUCU, but like your OUCU it...

Answered: 1 week ago

Question

★★★★★

What are the three private IP ranges? What are some scenarios where private IP addresses can be used? Briefly compare and contrast Static NAT, Dynamic NAT, and PAT. Using the drawing, how would you...

Answered: 1 week ago

Question

★★★★★

You decide that you need to change the ways you interact with the sales staff. Which of the following actions would best remodel your behavior based on the persuasion principle of being what the...

Answered: 1 week ago

Question

★★★★★

Using FNMA's website takes patience and practice, which is why we asked you to poke around and familiarize yourself with its search functions. We want to hear your opinion. Please answer the...

Answered: 1 week ago

Question

★★★★★

Prepare a constructive performance appraisal.

Answered: 1 week ago

Question

★★★★★

Describe the purposes of visual aids in written and oral communication.

Answered: 1 week ago

Question

★★★★★

List the advantages of correct report formatting.

Answered: 1 week ago

Previous Question Next Question