Calapan Company provided the following data January 1 December 31 1,200,000 1,000,000 Inventory Cost of goods sold Accounts receivable Accounts payable 5,500,000 1,200,000 1,350,000 1,500,000 1,850,000 During the current year, accounts written off amounted to P100,000. Sales returns with credit memo totaled P250,000. Cash refund to customers for returned goods of P50,000 was debited to accounts receivable. Cash receipts from customers after P500,000 sales discounts amounted to P8,000,000, Cash payments to trade creditors totaled P5,000,000 after purchase discounts of P200,000. Purchase returns with debit memo amounted to P400,000.

Calapan Company provided the following data January 1 December 31 1,200,000 1,000,000 Inventory Cost of goods sold Accounts receivable Accounts payable 5,500,000 1,200,000 1,350,000 1,500,000 1,850,000 During the current year, accounts written off amounted to P100,000. Sales returns with credit memo totaled P250,000. Cash refund to customers for returned goods of P50,000 was debited to accounts receivable. Cash receipts from customers after P500,000 sales discounts amounted to P8,000,000, Cash payments to trade creditors totaled P5,000,000 after purchase discounts of P200,000. Purchase returns with debit memo amounted to P400,000.

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

Accounting: type question:,,,,,, While calculating purchase price, the following values of assets are considered A. Book value B. New values fixed C. Averagevalues D. Market values
Hh1.
Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is ?the total cost of goods sold
8/ Which of the following term is referred as the inventory cost to the seller of the goods sold to customers? a. Income statement b. Inventory c. Balance sheet d. Cost of goods sold
6. The formula for calculating the selling price (or retail price) of an item when the Total Purchase Price is known is as follows. Selling Price = Total Purchase Price 100% − Sales Tax Rate True or False?
10. Choose the options to correctly complete the following statement. Some balance sheet and income statement accounts that vary directly with sales include: 1. Cost of goods sold II. Depreciation III. Accounts payable IV. Accounts receivable O I, II, III only O I, II, IV only O I, III, IV only O I, II, III, and IV
Net purchases equal to a) Purchases - Sales. b) Purchases + freight in - purchase returns - purchase discounts. c) Purchases + purchase returns and allowances + purchase discounts. d) Purchases + selling expenses.
How to calculate net sales revenue and net purchases
Cost of goods sold is given by: Select one: a. Net Purchases + beginning inventory - ending inventory. b. Net purchases + ending inventory - beginning inventory. c. Beginning inventory + accounts payable - net purchases. d. Beginning inventory - net purchases + ending inventory.
The cost of goods sold is based on the oldest purchases under which method of calculating inventory cost? O A. weighted average method O B. first in, first out (FIFO) O C. gross profit method O D. last in, first out (LIFO)
Multiple choice
Which of the following calculations of receivable turnover is correct? A. Number of days in the year divided by receivable turnover. B. Net sale on account divided by average receivables. C. Cost of goods sold divided by average inventory. D. Net income divided by net sales.