The total assets of the business before collection of receivables is P150,000. What will be the balance of asset account if 3/4 of P16,000 accounts receivable is collected in check?

3 points

A Merchandise was sold on April 15, 2025 for P200,000 with Terms 15, 10, 5, 2/30, n/45. How much should be recorded as sales in the books?

The following information is available for Claire Bennet Company for the year 2025: Disbursement for purchases in the amount of P580,000; Increase in trade accounts payable amounting to P50,000; and Decrease in merchandise inventory amounting to P20,000. What is the cost of goods sold for the year?

The prepaid rent for P12,000 is good for three months starting November 30, 2020. The balance sheet date is December 31, 2020. The prepayment was recorded under asset method. The correct rent expense for the given period would be

The business is a servicing firm. For the period it collected P50,000 cash and still have receivable amounting to P25,000 for the total services rendered. How much is the business revenue for the period?

If the ending inventory is P10,000, which is of the beginning inventory and is 1/5 of the total purchases, what is the cost of sales?

The term of a P300,000 purchase is 2/30; n/60; FOB, shipping point prepaid, P300. If the account is paid on the 20th day from the invoice date, the total amount paid was

If the total liabilities of the business is P200,000 and its capital contributed is 60% of the total assets, then the total assets is

The total assets of Mohinder Co. is P350,000 of which P50,000 is accounts receivable. Subsequently, P22,500 of accounts receivable was collected. If total liabilities before and after collection were P100,000 what is the new balance of its owners equity after the collection?

The purchase invoice shows the amount of P250,000, 2/10;1/20;n/30; FOB destination collect, P200. If the account is paid 15 days after the invoice date, the net payment should be

The equipment was bought on April 30, 2022 with a cost of P88,000, salvage value after 13 years of 10,000. What is the depreciation for the fiscal year ended March 31, 2026?

If the annual depreciation is P12,000 and the accumulated depreciation is P36,000, at depreciation rate of 20% per year, the net book value of the asset is

3 points

Goods amounting to P5,000 were purchased on February 2 with terms of 2/10, n/30. Purchase returns of P1,000 were made on February 10. How much is the Purchase discount if it was paid on February 12?

3 points

The net purchase is P1,176, net of 2% cash discount. A portion of the inventories were sold at a mark-up of 10%. Unsold portion of purchase is P176. The total purchase was

3 points

The total sales was P1,000,000 of which sales on cash basis amounted to P400,000. The policy of the business is to provide 1% of credit sales as bad debts expense. The bad debts expense is

Mr. Linderman purchased merchandise for P 5,000 and paid P200 for freight, FOB Destination collect. The merchandise was sold for P6,000. The gross profit on the sale is