Based on the following information provwded by Max Trading Company on December 31, 200C, the end of its accounting period: P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 s0,000 120,000 16,000 3,000 Sales Sales Returns & Allowances Sales Discount Purchases Freight in Purchase Returns & Allowances Purchase Discount Beginning laventory Ending Iaventory Operating expenses Other Income Other Expenses

Based on the following information provwded by Max Trading Company on December 31, 200C, the end of its accounting period: P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 s0,000 120,000 16,000 3,000 Sales Sales Returns & Allowances Sales Discount Purchases Freight in Purchase Returns & Allowances Purchase Discount Beginning laventory Ending Iaventory Operating expenses Other Income Other Expenses

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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The following data were reported by Lechon Corporation during the current year.· Accounts payable, January 1- P200,000· Accounts payable, December 31- P250,000· Inventory, January 1- P400,000· Inventory, December 31- P210,000· Purchase returns and allowances- P6,000· Purchase discounts- P3,000· Payment- P800,000· Cash purchase- P10,000How much is the total cost of sales under accrual basis of accounting?
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shany market recorded the following events involving a recent purchase of inventory received goods for$30,000, terms 2/10, n/30 returned $600 of the shipment for credit paid $150 freight on the shipment paid the invoice within the discount period as a result of these events, the company's inventory: increased by
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