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The general ledger of Ace Company shows the following data: Invoice cost of purchases, P188,000; Purchase discounts received, P10,000; Purchase returns and allowances, P4,000; Merchandise
- The general ledger of Ace Company shows the following data: Invoice cost of purchases, P188,000; Purchase discounts received, P10,000; Purchase returns and allowances, P4,000; Merchandise inventory, beginning, P18,000; Total cost of merchandise purchased - P182,800; Merchandise inventory, end, P10,800. How much is the cost of good sold for the period?
- The general ledger of Ace Company shows the following data: Invoice cost of purchases, P188,000; Purchase discounts received, P10,000; Purchase returns and allowances, P4,000; Merchandise inventory, beginning, P18,000; Total cost of merchandise purchased - P182,800; Merchandise inventory, end, P10,800. How much is the freight-in?
- On June 1, 2020, Penny Enterprise sold merchandise with a list price of P20,000 to Linn on account. Penny allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made FOB Shipping Point. Penny prepaid P400 of delivery costs for Linn as an accommodation. On June 12, 2020, Penny received from Linn a remittance in full payment amounting to how much?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
