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57. An Entity has the following accounting information for the year: Sales P 400,000 Purchases 90,000

57. An Entity has the following accounting information for the year: Sales P 400,000 Purchases 90,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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57. An Entity has the following accounting information for the year: Sales P 400,000 Purchases Inventory, Jan. 1 Sales Returns 90,000 30,000 80,000 Purchase Returns 70,000 Transportation In 40,000 Transportation Out Salaries 10,000 9,000 4,000 7,000 Other Revenues General Expenses Gross Profit 250,000 What is the amount of profit for the year? O A. P48,000 O B. P188,000 O C. P198,000 O D. P228,000
Transcribed Image Text:57. An Entity has the following accounting information for the year: Sales P 400,000 Purchases Inventory, Jan. 1 Sales Returns 90,000 30,000 80,000 Purchase Returns 70,000 Transportation In 40,000 Transportation Out Salaries 10,000 9,000 4,000 7,000 Other Revenues General Expenses Gross Profit 250,000 What is the amount of profit for the year? O A. P48,000 O B. P188,000 O C. P198,000 O D. P228,000
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