PROB1.Jenica Company reported the following balances for the current year: PROB1.

PROB1.Jenica Company reported the following balances for the current year:
December 31 January 1 December 31 January 1
Inventory 2,600,000 2,900,000 Inventory 2,600,000 2,900,000
Accounts payable 750,000 500,000 Accounts payable 750,000 500,000
The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount
should be reported as cost of goods sold for the current year? should be reported as cost of goods sold for the current year?

PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the
current year. Additional information for the current year is as follows: current year. Additional information for the current year is as follows:
January 1 December 31 January 1 December 31
Accounts receivable 1,000,000 1,300,000 Accounts receivable 1,000,000 1,300,000
Allowance for doubtful Accounts 60,000 110,000 Allowance for doubtful Accounts 60,000 110,000
Advances to customers 200,000 300,000 Advances to customers 200,000 300,000

The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash
basis, what amount should be reported as sales revenue for the current year? basis, what amount should be reported as sales revenue for the current year?

PROB1.Jenica Company reported the following balances for the current year: PROB1.Jenica Company reported the following balances for the current year:
December 31 January 1 December 31 January 1
Inventory 2,600,000 2,900,000 Inventory 2,600,000 2,900,000
Accounts payable 750,000 500,000 Accounts payable 750,000 500,000
The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount
should be reported as cost of goods sold for the current year? should be reported as cost of goods sold for the current year?

PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the
current year. Additional information for the current year is as follows: current year. Additional information for the current year is as follows:
January 1 December 31 January 1 December 31
Accounts receivable 1,000,000 1,300,000 Accounts receivable 1,000,000 1,300,000
Allowance for doubtful Accounts 60,000 110,000 Allowance for doubtful Accounts 60,000 110,000
Advances to customers 200,000 300,000 Advances to customers 200,000 300,000

The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash
basis, what amount should be reported as sales revenue for the current year? basis, what amount should be reported as sales revenue for the current year?

PROB1.Jenica Company reported the following balances for the current year: PROB1.Jenica Company reported the following balances for the current year:
December 31 January 1 December 31 January 1
Inventory 2,600,000 2,900,000 Inventory 2,600,000 2,900,000
Accounts payable 750,000 500,000 Accounts payable 750,000 500,000
The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount
should be reported as cost of goods sold for the current year? should be reported as cost of goods sold for the current year?

PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the
current year. Additional information for the current year is as follows: current year. Additional information for the current year is as follows:
January 1 December 31 January 1 December 31
Accounts receivable 1,000,000 1,300,000 Accounts receivable 1,000,000 1,300,000
Allowance for doubtful Accounts 60,000 110,000 Allowance for doubtful Accounts 60,000 110,000
Advances to customers 200,000 300,000 Advances to customers 200,000 300,000

The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash
basis, what amount should be reported as sales revenue for the current year? basis, what amount should be reported as sales revenue for the current year?

PROB1.Jenica Company reported the following balances for the current year: PROB1.Jenica Company reported the following balances for the current year:
December 31 January 1 December 31 January 1
Inventory 2,600,000 2,900,000 Inventory 2,600,000 2,900,000
Accounts payable 750,000 500,000 Accounts payable 750,000 500,000
The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount
should be reported as cost of goods sold for the current year? should be reported as cost of goods sold for the current year?

PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the
current year. Additional information for the current year is as follows: current year. Additional information for the current year is as follows:
January 1 December 31 January 1 December 31
Accounts receivable 1,000,000 1,300,000 Accounts receivable 1,000,000 1,300,000
Allowance for doubtful Accounts 60,000 110,000 Allowance for doubtful Accounts 60,000 110,000
Advances to customers 200,000 300,000 Advances to customers 200,000 300,000

The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash
basis, what amount should be reported as sales revenue for the current year? basis, what amount should be reported as sales revenue for the current year?

PROB1.Jenica Company reported the following balances for the current year: PROB1.Jenica Company reported the following balances for the current year:
December 31 January 1 December 31 January 1
Inventory 2,600,000 2,900,000 Inventory 2,600,000 2,900,000
Accounts payable 750,000 500,000 Accounts payable 750,000 500,000
The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount
should be reported as cost of goods sold for the current year? should be reported as cost of goods sold for the current year?

PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the
current year. Additional information for the current year is as follows: current year. Additional information for the current year is as follows:
January 1 December 31 January 1 December 31
Accounts receivable 1,000,000 1,300,000 Accounts receivable 1,000,000 1,300,000
Allowance for doubtful Accounts 60,000 110,000 Allowance for doubtful Accounts 60,000 110,000
Advances to customers 200,000 300,000 Advances to customers 200,000 300,000

The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash
basis, what amount should be reported as sales revenue for the current year? basis, what amount should be reported as sales revenue for the current year?

PROB1.Jenica Company reported the following balances for the current year: PROB1.Jenica Company reported the following balances for the current year:
December 31 January 1 December 31 January 1
Inventory 2,600,000 2,900,000 Inventory 2,600,000 2,900,000
Accounts payable 750,000 500,000 Accounts payable 750,000 500,000
The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount The entity paid suppliers 4,900,000 during the current year. Under accrual basis, what amount
should be reported as cost of goods sold for the current year? should be reported as cost of goods sold for the current year?

PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the PROB2.Marj Company reported sales revenue of 4,600,000 in the income statement for the
current year. Additional information for the current year is as follows: current year. Additional information for the current year is as follows:
January 1 December 31 January 1 December 31
Accounts receivable 1,000,000 1,300,000 Accounts receivable 1,000,000 1,300,000
Allowance for doubtful Accounts 60,000 110,000 Allowance for doubtful Accounts 60,000 110,000
Advances to customers 200,000 300,000 Advances to customers 200,000 300,000

The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash The entity wrote off uncollectible accounts totaling 50,000 during the current year. Under cash
basis, what amount should be reported as sales revenue for the current year? basis, what amount should be reported as sales revenue for the current year?
PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?
PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?

PROB4. Ton Company provided the following increase in account balances that occurred during the PROB4. Ton Company provided the following increase in account balances that occurred during the
current year: current year:
Asset 9,000,000 Asset 9,000,000
Liabilities 3,000,000 Liabilities 3,000,000
Share capital 5,000,000 Share capital 5,000,000
Share premium 500,000 Share premium 500,000
Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from
understatement of ending inventory, there were no changes in retained earnings for the year. What is understatement of ending inventory, there were no changes in retained earnings for the year. What is
the net income for the current year? the net income for the current year?

PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?
PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?

PROB4. Ton Company provided the following increase in account balances that occurred during the PROB4. Ton Company provided the following increase in account balances that occurred during the
current year: current year:
Asset 9,000,000 Asset 9,000,000
Liabilities 3,000,000 Liabilities 3,000,000
Share capital 5,000,000 Share capital 5,000,000
Share premium 500,000 Share premium 500,000
Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from
understatement of ending inventory, there were no changes in retained earnings for the year. What is understatement of ending inventory, there were no changes in retained earnings for the year. What is
the net income for the current year? the net income for the current year?

PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?
PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?

PROB4. Ton Company provided the following increase in account balances that occurred during the PROB4. Ton Company provided the following increase in account balances that occurred during the
current year: current year:
Asset 9,000,000 Asset 9,000,000
Liabilities 3,000,000 Liabilities 3,000,000
Share capital 5,000,000 Share capital 5,000,000
Share premium 500,000 Share premium 500,000
Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from
understatement of ending inventory, there were no changes in retained earnings for the year. What is understatement of ending inventory, there were no changes in retained earnings for the year. What is
the net income for the current year? the net income for the current year?

PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?
PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?

PROB4. Ton Company provided the following increase in account balances that occurred during the PROB4. Ton Company provided the following increase in account balances that occurred during the
current year: current year:
Asset 9,000,000 Asset 9,000,000
Liabilities 3,000,000 Liabilities 3,000,000
Share capital 5,000,000 Share capital 5,000,000
Share premium 500,000 Share premium 500,000
Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from
understatement of ending inventory, there were no changes in retained earnings for the year. What is understatement of ending inventory, there were no changes in retained earnings for the year. What is
the net income for the current year? the net income for the current year?

PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?
PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?

PROB4. Ton Company provided the following increase in account balances that occurred during the PROB4. Ton Company provided the following increase in account balances that occurred during the
current year: current year:
Asset 9,000,000 Asset 9,000,000
Liabilities 3,000,000 Liabilities 3,000,000
Share capital 5,000,000 Share capital 5,000,000
Share premium 500,000 Share premium 500,000
Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from
understatement of ending inventory, there were no changes in retained earnings for the year. What is understatement of ending inventory, there were no changes in retained earnings for the year. What is
the net income for the current year? the net income for the current year?

PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?
PROB3. During 2015, Marian Company reported gross cash sales of 3,000,000 with related
return and allowances of 100,000 and gross credit sales of 5,000,000 with related discount of
400,000. On January 1,2015, customers owed the company 1,000,000/ on December 31,2015,
customers owed the company 1,500,000. The entity used direct write off method for bad debts.
No bad debts were recorded in 2015. Under cash basis, what amount of sales revenue should
be reported for the current year?

PROB4. Ton Company provided the following increase in account balances that occurred during the PROB4. Ton Company provided the following increase in account balances that occurred during the
current year: current year:
Asset 9,000,000 Asset 9,000,000
Liabilities 3,000,000 Liabilities 3,000,000
Share capital 5,000,000 Share capital 5,000,000
Share premium 500,000 Share premium 500,000
Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from Except for 2,000,000 dividend payment, the year’s earnings and a 200,000 prior period error from
understatement of ending inventory, there were no changes in retained earnings for the year. What is understatement of ending inventory, there were no changes in retained earnings for the year. What is
the net income for the current year? the net income for the current year?