13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and Administrative expenses incurred was RM100,000. What is the amount of the gross profit? Select one: A. RM350,000 B. RM100,000 C. RM250,000 D. RM200,000
13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and Administrative expenses incurred was RM100,000. What is the amount of the gross profit? Select one: A. RM350,000 B. RM100,000 C. RM250,000 D. RM200,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and Administrative expenses incurred was RM100,000. What is the amount of the gross profit?
Select one:
A.
RM350,000
B.
RM100,000
C.
RM250,000
D.
RM200,000
14. An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows:
Accounts
Debit (RM)
Credit (RM)
Cash
19,500
Notes Receivable, Short-term
61,000
Rent Receivable
1,500
Office Supplies
13,750
Prepaid Insurance
2,750
Office Equipment
15,000
Accumulated Depreciation – Office Equipment
12,500
Accounts Payable
15,750
Wages Payable
2,250
Unearned Revenue
15,000
Notes Payable, Long-term
25,000
Capital
80,000
Drawings
27,500
Service Revenue
40,250
Rent Revenue
5,500
Wages Expense
38,250
Insurance Expense
6,250
Office Supplies Expense
3,750
Depreciation Expense
2,500
Miscellaneous Expense
4,500
196,250
196,250
REQUIRED:
What is the net book value of Office Equipment as at 31 October 2021?
Select one:
A. RM15,000
B. RM12,500
C. RM2,500
D. RM27,500
Just answer the question without explanation. Thanks in advance
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