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1. Determine the following: a. Net sales b. Net purchases

1. Determine the following: a. Net sales b. Net purchases

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2:31 Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 | Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales Net purchases Cost of Goods sold b. С. d. Bad debts expense 2. Prepare a single-step SCI 3. Prepare a multi-step SCI given the following additional information: a. Depreciation of P5000 is for computer equipment used in the administrative office b. Amortization is attributed to office leasehold improvements. C. 40% of salaries are attributed to sales personnel. d. Utilities for the store represent 35% of utilities expense e. Rent for the office space is P20000. B I U A lill II
Transcribed Image Text:2:31 Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 | Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales Net purchases Cost of Goods sold b. С. d. Bad debts expense 2. Prepare a single-step SCI 3. Prepare a multi-step SCI given the following additional information: a. Depreciation of P5000 is for computer equipment used in the administrative office b. Amortization is attributed to office leasehold improvements. C. 40% of salaries are attributed to sales personnel. d. Utilities for the store represent 35% of utilities expense e. Rent for the office space is P20000. B I U A lill II
2:31 G ileo The following are taken from the records of Debit Credit Sales P764985 Purchase Discount 8200 Purchase returns and allowances 5465 Purchases 159990 Freight-in 9180 Sales Discount 13300 Sales returns and allowances 5455 Depreciation expense Amortization expense 25000 10000 Salarics cxpcnsc Utilities expense Advertising cxpensc Rent expense 80000 55000 35000 60000 Interest incomc 5440 Interest expense 5677 Gain on salc of PPE 5465 Bad debts expense ? Humility Company for the year ended December 31, 2019: Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: а. Net sales b. Net purchases I U A II B
Transcribed Image Text:2:31 G ileo The following are taken from the records of Debit Credit Sales P764985 Purchase Discount 8200 Purchase returns and allowances 5465 Purchases 159990 Freight-in 9180 Sales Discount 13300 Sales returns and allowances 5455 Depreciation expense Amortization expense 25000 10000 Salarics cxpcnsc Utilities expense Advertising cxpensc Rent expense 80000 55000 35000 60000 Interest incomc 5440 Interest expense 5677 Gain on salc of PPE 5465 Bad debts expense ? Humility Company for the year ended December 31, 2019: Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: а. Net sales b. Net purchases I U A II B
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