CashNote ReceivableAccounts ReceivableP 67,07570,000176,500Allowance for Bad Debts5,40060,90034,100Merchandise Inventory, Jan. 1Funiture & FixturesAccumulated Depreciation - Furn. & Fixt.Ofice EquipmentAccumulated Depreciation- Ofice EaputNote PayableAccounts PayableLeonard CapitalLeonard DrawingSalesSales ReturnsSales Discount3,10015,5001,50020,00094,750265,0009,500572,87511,0006,400390,7505,415PurchasesFreight inParchase ReturnsPurchase discount3,6306,885Salaries ExpenseRent ExpenseInsurance expenseOffice supplies expenseRental Income99.55024,0005,2502.2005,000Additional information: Merchandise Inventory, December 31, P 76,000How much is the gross profit?P186.925P 189.425P154925

Solution.. Net sales = Sales - sales return - sales discount = 572,875 - 11,000 - 6,400 =…

Cash Note Recenable P 67,075 70,000 176,500 Accounts Receivable Allowance for Bad Debes 5,400 Merchandise laventory, Jan. 1 Funiture & Foctures Accumulated Depreciation - Fum & Fot Office Equipmet Accumulated Depreciation - Office East. Note Payable Accounts Payable Leonard Capital Leonard Drwing Sales Sales Renurns Sales Discout Purchases Freight in Purchase Retums Purchase discount Salaries Expense Rent Expense Inrance expense Office supplies expense Rental Income 60,900 34,100 3,100 15,500 1.500 20,000 94,750 265,000 9,500 572,875 11,000 6,400 390,750 5,415 3,630 6,885 99.550 24,000 5,250 2.200 5,000 Addinional informanion: Merchandise lnventory, December 31, P 76,000 How much is the gross profie? O. PIS PIAS P189425 P154925

Cash Note Recenable P 67,075 70,000 176,500 Accounts Receivable Allowance for Bad Debes 5,400 Merchandise laventory, Jan. 1 Funiture & Foctures Accumulated Depreciation - Fum & Fot Office Equipmet Accumulated Depreciation - Office East. Note Payable Accounts Payable Leonard Capital Leonard Drwing Sales Sales Renurns Sales Discout Purchases Freight in Purchase Retums Purchase discount Salaries Expense Rent Expense Inrance expense Office supplies expense Rental Income 60,900 34,100 3,100 15,500 1.500 20,000 94,750 265,000 9,500 572,875 11,000 6,400 390,750 5,415 3,630 6,885 99.550 24,000 5,250 2.200 5,000 Addinional informanion: Merchandise lnventory, December 31, P 76,000 How much is the gross profie? O. PIS PIAS P189425 P154925

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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