Business, 21.06.2021 16:30 breannaasmith1122

QUESTION 4 (a) Osi & Co is a firm selling children books in the neighborhood. On January 1, 2014, the
provision for discount allowed account had a balance of N500.00. During the year, the total
discount allowed amounted to N390.00. On December 31, the balance of the debtors account
stood at 15,000.00 and on the date, a provision for discount allowed was decided to be created at
2%.
As the accountant recently employed in Osi & Co., write up from the above:
i) Provision for discount allowed account
ii) Discount allowed account
iii) Profit and Loss Account (extract)
iv) Balance sheet (extract)
(15 marks)
(b) Distinguish between discount allowed and discount received.
(5 marks)

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 12:50

Performance bicycle company makes steel and titanium handle bars for bicycles. it requires approximately 1 hour of labor to make one handle bar of either type. during the most recent accounting period, barr company made 7,700 steel bars and 2,300 titanium bars. setup costs amounted to $35,000. one batch of each type of bar was run each month. if a single company-wide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be:

Answers: 2

Answer

Business, 22.06.2019 14:50

One pound of material is required for each finished unit. the inventory of materials at the end of each month should equal 20% of the following month's production needs. purchases of raw materials for february would be budgeted to be:

Answers: 2

Answer

Business, 22.06.2019 21:30

Which of the following results in an increase in the standard of living? a. an increase in unemployment pushes down the cost of production. b. wages go up to correct for the inflation of prices. c. income increases, enabling consumers to buy more goods and services. d. rising production costs drive up the price of goods and services.

Answers: 1

Answer

Business, 22.06.2019 21:40

Inventory by three methods; cost of goods sold the units of an item available for sale during the year were as follows: jan. 1 inventory 20 units at $1,800 may 15 purchase 31 units at $1,950 aug. 7 purchase 13 units at $2,040 nov. 20 purchase 16 units at $2,100 there are 18 units of the item in the physical inventory at december 31. determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: round your final answers to the nearest dollar. cost inventory method ending inventory cost of goods sold a. first-in, first-out method $ $ b. last-in, first-out method $ $ c. weighted average cost method $ $

Answers: 3

Answer

You know the right answer?

QUESTION 4 (a) Osi & Co is a firm selling children books in the neighborhood. On January 1, 201...

Questions