Determine the audited balance of Net sales under the accrual basis. a. 34,000,000b. 34,800,000c. 34,900,000d. 35,800,000 Determine the audited balance of Net income under the accrual basis. a. 3,520,000b. 3,920,000c. 4,350,000d. 5,000,000 You were engaged to audit the incomplete records of DOG Corporation for the year 2019.ACCOUNT INCREASES:CashP4,200,000Accounts receivable1,400,000Accounts payablePrepaid insurance400,000200,000ACCOUNT DECREASES:InventoryEquipmentNotes receivable1,000,000100,000600,000Accrued salaries payable300,000Summary of cash transactions were as follows:RECEIPTS:Cash salesP3,000,00030,000,0002,400,00020,000Collections of accounts receivableCollections of notes receivableInterest on notes receivablePurchase returns and allowances500,000DISBURSEMENTS:Cash purchasesPayments of accounts payable1,000,00016,500,000Sales returns and allowances400,000Insurance700,000Salaries10,000,000800,000EquipmentOther expenses1,500,000Dividends1,000,000Additional information: Total purchase returns and allowances amounted to P800,000 and total salesreturns and allowances amounted to P2,100,000.

Answered: Determine the audited balance of Net…

Determine the audited balance of Net sales under the accrual basis. a. 34,000,000 b. 34,800,000 c. 34,900,000 d. 35,800,000

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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Question

Determine the audited balance of Net sales under the accrual basis.

a. 34,000,000

b. 34,800,000

c. 34,900,000

d. 35,800,000

Determine the audited balance of Net income under the accrual basis.

a. 3,520,000

b. 3,920,000

c. 4,350,000

d. 5,000,000

You were engaged to audit the incomplete records of DOG Corporation for the year 2019.
ACCOUNT INCREASES:
Cash
P4,200,000
Accounts receivable
1,400,000
Accounts payable
Prepaid insurance
400,000
200,000
ACCOUNT DECREASES:
Inventory
Equipment
Notes receivable
1,000,000
100,000
600,000
Accrued salaries payable
300,000
Summary of cash transactions were as follows:
RECEIPTS:
Cash sales
P3,000,000
30,000,000
2,400,000
20,000
Collections of accounts receivable
Collections of notes receivable
Interest on notes receivable
Purchase returns and allowances
500,000
DISBURSEMENTS:
Cash purchases
Payments of accounts payable
1,000,000
16,500,000
Sales returns and allowances
400,000
Insurance
700,000
Salaries
10,000,000
800,000
Equipment
Other expenses
1,500,000
Dividends
1,000,000
Additional information: Total purchase returns and allowances amounted to P800,000 and total sales
returns and allowances amounted to P2,100,000.

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