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

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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

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

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 and
miscellaneous expenses are Po,520.Generate an income statement and find:
a. Gross Profit
b. Net Profit or Loss
Problem #2: AMA 6operative 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 slatemeni 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

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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