ASSESSMENT: Problem #1 On June 30, 2020, PSA Trading Co. has the following informatign: revenue from sales is Po8,700; sales return is P35.500; cost of goods sold is P8.490: salaries costP 14,600; rent is P8,000; light and water expenses are P7.550 and miscellaneous expenses are P9,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #2: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to Po4,653, the cost of goods sold was P48,923, the operating expensés were, P8,723-15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales b. Gross Profit c. Net Profit Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales b. Gross Profit c. Net Profit

ASSESSMENT: Problem #1 On June 30, 2020, PSA Trading Co. has the following informatign: revenue from sales is Po8,700; sales return is P35.500; cost of goods sold is P8.490: salaries costP 14,600; rent is P8,000; light and water expenses are P7.550 and miscellaneous expenses are P9,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #2: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to Po4,653, the cost of goods sold was P48,923, the operating expensés were, P8,723-15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales b. Gross Profit c. Net Profit Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales b. Gross Profit c. Net Profit

Name: ASSESSMENT:Problem #1: On June 30, 2020, PSA Trading Co. has the foll
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: ASSESSMENT:Problem #1: On June 30, 2020, PSA Trading Co. has the following informatign:revenue from sales is Po8,760; sales return is P35,50o; cost of goods sold is P8.490:salaries cost P 14,600; rent is P8,090; light and water expenses are P7.550 a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please provide answer in text form with explanation computation for each steps clearly and correctly
The following information is available for Blue Corp. for the year ended December 31, 2022: Other revenues and gains Other expenses and losses Cost of goods sold $11,100 14,000 164,000 Sales revenue Operating expenses Sales returns and allowances Prepare a multiple-step income statement for Blue Corp. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg (45).) BLUECORP. Income Statement $616,000 197,000 40,000 $
(Profitability Ratio)What is the Gross Profit Margin Ratio in 2020?
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,100,000 610,000 55,000 45,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $107,000 45,500 80,000 3,500 50,000 5,500 2023 $87,500 51,500 57,500 6,000 39,500 12,500 $1,925,000 1,810,000 $115,000 Increase (I) or Decrease (D) $19,500 (I) (D) 6,000 22,500 (I 2,500 (D) 10,500 (I) 7,000 (D)
Calculate the gross profit percentage for 2022 with comparative figures Discuss 3 ways in which the gross profit margin can be improved 2022 R 2021 R Sales (all credit) 1 435 400 1 685 400 Cost of sales (all credit) (778 700) (825 600)
Please show your work. Everything needed is included the problem.
answer in text form please (without image)
please help and provide accurat eand with working thanks
Explain the income statement and balance sheet information based on two tables (250-300) words
Required:a) Compute the times-interest earned and give the interpretation.b) Compute the fixed charge coverage and give the interpretation.
Please I want answer for this question by typing it. Thanks
Problem #2: On June 30, 2020, PSA Trading Co. has the following information: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost P 14,600; rent is P8,000; light and water expenses are P7,550 and miscellaneous expenses are P9,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss