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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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