2. Happy Selling's Sales amounted to Php 500,000. Sales returns and sales discounts amounted to Php 30,000 and Php 10,000 respectively. Purchases of the company totaled Php 100,000 while purchase returns and purchase discounts amounted to Php 20,000 and Php 10,000 respectively. How much is the company's Net Sales? Net Purchases? Answer: Net sales - P460,000; Net Purchases - P70,000 Difficult 1. Company's Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php 85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000. Compute for the company's Ending Inventory. Answer: P50,000. 2. Gross profit of Happy Selling amounted to Php 175,000. Beginning Inventory totaled Php 250,000. Ending Inventory amounted to Php 50,000 while Net Cost of Purchases totaled Php 85,000. Compute for Happy's Net Sales.
2. Happy Selling's Sales amounted to Php 500,000. Sales returns and sales discounts amounted to Php 30,000 and Php 10,000 respectively. Purchases of the company totaled Php 100,000 while purchase returns and purchase discounts amounted to Php 20,000 and Php 10,000 respectively. How much is the company's Net Sales? Net Purchases? Answer: Net sales - P460,000; Net Purchases - P70,000 Difficult 1. Company's Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php 85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000. Compute for the company's Ending Inventory. Answer: P50,000. 2. Gross profit of Happy Selling amounted to Php 175,000. Beginning Inventory totaled Php 250,000. Ending Inventory amounted to Php 50,000 while Net Cost of Purchases totaled Php 85,000. Compute for Happy's Net Sales.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:2. Happy Selling's Sales amounted to Php 500,000. Sales returns and sales discounts amounted to Php
30,000 and Php 10,000 respectively. Purchases of the company totaled Php 100,000 while purchase
returns and purchase discounts amounted to Php 20,000 and Php 10,000 respectively. How much is
the company's Net Sales? Net Purchases?
Answer: Net sales - P460,000; Net Purchases - P70,000
Difficult
1. Company's Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php
85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000. Compute
for the company's Ending Inventory.
Answer: P50,000.
2. Gross profit of Happy Selling amounted to Php 175,000. Beginning Inventory totaled Php 250,000.
Ending Inventory amounted to Php 50,000 while Net Cost of Purchases totaled Php 85,000.
Compute for Happy's Net Sales.
Answer: P460,000
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