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Activity 3. Comprehensive Problems. Solve the following problems below. Present your solutions in good format. For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales Returns and Allowances 875,000 12,000 10,000 295,000 Sales Discounts Purchases Purchases Returns and Allowances 14,000 Freight in Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Freight Out Office Salaries 36,000 46,000 20,000 75,000 125,000 15,000 Commission Expense

Activity 3. Comprehensive Problems. Solve the following problems below. Present your solutions in good format. For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales Returns and Allowances 875,000 12,000 10,000 295,000 Sales Discounts Purchases Purchases Returns and Allowances 14,000 Freight in Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Freight Out Office Salaries 36,000 46,000 20,000 75,000 125,000 15,000 Commission Expense

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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Activity 3. Comprehensive Problems. Solve the following problems below. Present your solutions in good format. For the next seven (6) items, use the information below: Debit Credit Account Title Sales 875,000 Sales Returns and Allowances Sales Discounts Purchases 12,000 10,000 295,000 Purchases Returns and Allowances 14,000 Freight in Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Freight Out Office Salaries Commission Expense 36,000 46,000 20,000 75,000 125,000 15,000
Transcribed Image Text:Activity 3. Comprehensive Problems. Solve the following problems below. Present your solutions in good format. For the next seven (6) items, use the information below: Debit Credit Account Title Sales 875,000 Sales Returns and Allowances Sales Discounts Purchases 12,000 10,000 295,000 Purchases Returns and Allowances 14,000 Freight in Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Freight Out Office Salaries Commission Expense 36,000 46,000 20,000 75,000 125,000 15,000
6. The Profit or Loss for the period. 7. The following data pertain to the two year operation of Despacito business: Year 1 P200,000 250,000 90,000 Despacito's gross profit for year 1 and year 2 is? Year 2 Sales Purchases P250,000 150,000 40,000 Ending inventory 8. The cost of sale is P250,000. Total purchases amounted to P300,000 which increased the total goods available for sale to P310,000. The ending inventory is? 9. 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.
Transcribed Image Text:6. The Profit or Loss for the period. 7. The following data pertain to the two year operation of Despacito business: Year 1 P200,000 250,000 90,000 Despacito's gross profit for year 1 and year 2 is? Year 2 Sales Purchases P250,000 150,000 40,000 Ending inventory 8. The cost of sale is P250,000. Total purchases amounted to P300,000 which increased the total goods available for sale to P310,000. The ending inventory is? 9. 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.
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