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Directions: Prepare a Muiti-step SCi using the The following are taken from the records of ABC Company for the year ended December 31, 2017 Amortization Expense Salaries Expense Utilities Expense P10,000.00 80,000.00 55,000.00 35,000.00 60,000.00 Sales P 764,985.00 Purchase discount 8,200.00 Purchase returns 5,465.00 Advertising Expense Rent Expense Interest Expense Bad Debt Expense Purchases 459,990.00 Freight-in 9,180.00 Sales Discount 13,300.00 5,677.00 Sales Return 5,455.00 ?????? Depreciation Expense 25,000.00 Based on actual physical count, inventory balance are as follows: January 01, 2017 P 25,455.00 December 31, 2017 P 20,765.00 Additional Information: Bad debt expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. b. Depreciation of P5,000.00 is for computer equipment used in the administrative office. C. Amortization is attributed to office leasehold improvements. d. 40% of salaries are attributed to sales personnel. e. Utilities for the store represent 35% of utilities expense. Rent for the office space id P20,000.00. a. f.

Directions: Prepare a Muiti-step SCi using the The following are taken from the records of ABC Company for the year ended December 31, 2017 Amortization Expense Salaries Expense Utilities Expense P10,000.00 80,000.00 55,000.00 35,000.00 60,000.00 Sales P 764,985.00 Purchase discount 8,200.00 Purchase returns 5,465.00 Advertising Expense Rent Expense Interest Expense Bad Debt Expense Purchases 459,990.00 Freight-in 9,180.00 Sales Discount 13,300.00 5,677.00 Sales Return 5,455.00 ?????? Depreciation Expense 25,000.00 Based on actual physical count, inventory balance are as follows: January 01, 2017 P 25,455.00 December 31, 2017 P 20,765.00 Additional Information: Bad debt expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. b. Depreciation of P5,000.00 is for computer equipment used in the administrative office. C. Amortization is attributed to office leasehold improvements. d. 40% of salaries are attributed to sales personnel. e. Utilities for the store represent 35% of utilities expense. Rent for the office space id P20,000.00. a. f.

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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Can someone answer this multi-step SCI?ASAP please
Directions: Prepare a Multi-step SCI using the following information: The following are taken from the records of ABC Company for the year ended December 31, 2017 Amortization Expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Expense Bad Debt Expense P 10,000.00 80,000.00 55,000.00 35,000.00 Sales P 764,985.00 Purchase discount 8,200.00 Purchase returns 5,465.00 Purchases 459,990.00 60,000.00 Freight-in Sales Discount 9,180.00 5,677.00 ?????? 13,300.00 Sales Return 5,455.00 Depreciation Expense 25,000.00 Based on actual physical count, inventory balance are as follows: January 01, 2017 P 25,455.00 December 31, 2017 P 20,765.00 Additional Information: a. Bad debt expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. b. Depreciation of P5,000.00 is for computer equipment used in the administrative office. c. Amortization is attributed to office leasehold improvements. d. 40% of salaries are attributed to sales personnel. Utilities for the store represent 35% of utilities expense. Rent for the office space id P20,000.00. e. f.
Transcribed Image Text:Directions: Prepare a Multi-step SCI using the following information: The following are taken from the records of ABC Company for the year ended December 31, 2017 Amortization Expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Expense Bad Debt Expense P 10,000.00 80,000.00 55,000.00 35,000.00 Sales P 764,985.00 Purchase discount 8,200.00 Purchase returns 5,465.00 Purchases 459,990.00 60,000.00 Freight-in Sales Discount 9,180.00 5,677.00 ?????? 13,300.00 Sales Return 5,455.00 Depreciation Expense 25,000.00 Based on actual physical count, inventory balance are as follows: January 01, 2017 P 25,455.00 December 31, 2017 P 20,765.00 Additional Information: a. Bad debt expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. b. Depreciation of P5,000.00 is for computer equipment used in the administrative office. c. Amortization is attributed to office leasehold improvements. d. 40% of salaries are attributed to sales personnel. Utilities for the store represent 35% of utilities expense. Rent for the office space id P20,000.00. e. f.
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