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Determining amounts for items omitted from income statement. Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. ITEMS ENTRY 1 ENTRY 2 P600,000 ENTRY 4 ENTRY 3 Sales Sales returns and allowances Sales discounts Net sales Cost of merchandise sold Gross Profit P250,000 (a) P10,000 P1,000,000 (g). P30,000 P18,000 (e) P7,500 P11,500 P40,000 (h) P225,000 (c) P330,000 (d) P910,000 (b) P90,000 (f) P286,500 P400,000 P120,000

Determining amounts for items omitted from income statement. Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. ITEMS ENTRY 1 ENTRY 2 P600,000 ENTRY 4 ENTRY 3 Sales Sales returns and allowances Sales discounts Net sales Cost of merchandise sold Gross Profit P250,000 (a) P10,000 P1,000,000 (g). P30,000 P18,000 (e) P7,500 P11,500 P40,000 (h) P225,000 (c) P330,000 (d) P910,000 (b) P90,000 (f) P286,500 P400,000 P120,000

FINANCIAL ACCOUNTING
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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Determining amounts for items omitted from income statement. Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. ITEMS ENTRY 1 ENTRY 2 P600,000 ENTRY 4 ENTRY 3 Sales Sales returns and allowances Sales discounts Net sales Cost of merchandise sold Gross Profit P250,000 (a) P10,000 P1,000,000 (g). P30,000 P18,000 (e) P7,500 P11,500 P40,000 (h) P225,000 (c) P330,000 (d) P910,000 (b) P90,000 (f) P286,500 P400,000 P120,000
Transcribed Image Text:Determining amounts for items omitted from income statement. Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. ITEMS ENTRY 1 ENTRY 2 P600,000 ENTRY 4 ENTRY 3 Sales Sales returns and allowances Sales discounts Net sales Cost of merchandise sold Gross Profit P250,000 (a) P10,000 P1,000,000 (g). P30,000 P18,000 (e) P7,500 P11,500 P40,000 (h) P225,000 (c) P330,000 (d) P910,000 (b) P90,000 (f) P286,500 P400,000 P120,000
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