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A company recorded the following expenses at the end of the current year: Decrease in inventory P300,000 Transportation out 40,000 Depreciation 170,000 Purchases 800,000 Finance cost 20,000 Salaries 130,000 Freight in 30,000 Purchase discount 140,000 Sales 2,500,000 Loss on sale of equipment 10,000 Gain on sale of investment 30,000 14. What amount should be reported as cost of goods sold of the company? a. P690,000 b. P990,000 c. P390,000 d. P970,000 15. What amount should be reported as income by the company? a. P1,170,000 b. P1,190,000 c. P1,770,000 d. P1,470,000

A company recorded the following expenses at the end of the current year: Decrease in inventory P300,000 Transportation out 40,000 Depreciation 170,000 Purchases 800,000 Finance cost 20,000 Salaries 130,000 Freight in 30,000 Purchase discount 140,000 Sales 2,500,000 Loss on sale of equipment 10,000 Gain on sale of investment 30,000 14. What amount should be reported as cost of goods sold of the company? a. P690,000 b. P990,000 c. P390,000 d. P970,000 15. What amount should be reported as income by the company? a. P1,170,000 b. P1,190,000 c. P1,770,000 d. P1,470,000

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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A company recorded the following expenses at the end of the current year:

Decrease in inventory P300,000
Transportation out 40,000
Depreciation 170,000
Purchases 800,000
Finance cost 20,000
Salaries 130,000
Freight in 30,000
Purchase discount 140,000
Sales 2,500,000
Loss on sale of equipment 10,000
Gain on sale of investment 30,000

14. What amount should be reported as cost of goods sold of the company?
a. P690,000
b. P990,000
c. P390,000
d. P970,000


15. What amount should be reported as income by the company?
a. P1,170,000
b. P1,190,000
c. P1,770,000
d. P1,470,000

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