DLC: Score: Selected transactions of G. Calma Trading during the first 15 days of January 2011 were as follows: Cash sales of merchandise Sales of merchandise on account Store supplies purchased on account Purchase of merchandise for cash Purchase of merchandise on account Freight paid on merchandise purchased Purchase discounts enjoyed Wages paid for the period P 50,000 15,000 2,500 40,000 20,000 1,800 3,900 10,000 1,300 1,000 Defective merchandise returned by customer, sold on account Returned defective merchandise purchased for cash Transactions during the second half of the month: Cash sales Sales on account Freight paid on cash sales Purchases: 1. P 35,000, terms 2/10, n/30 (paid within discount period) 105,000 27,000 1,400 2. P 8,000, terms 10-10%, 5/5, n/30(paid within discount period) 3. P 9,000, terms 1/10, n/30 (paid beyond discount period) 4. P 12,000 cash purchases, FOB destination (freight, P 1,200) Wages paid for the second half of the month Unpaid wages at the end of month Utilities expense for the month (unpaid) Interest earned on deposits 10,000 1,800 1,800 1,200 Additional information: Merchandise inventory at the beginning of the month Merchandise inventory at the end of the month Store supplies on hand at the end of the month REQUIRED: 8,000 42,000 900 Prepare a multi-step income statement for the period ended January 31, 2011.
DLC: Score: Selected transactions of G. Calma Trading during the first 15 days of January 2011 were as follows: Cash sales of merchandise Sales of merchandise on account Store supplies purchased on account Purchase of merchandise for cash Purchase of merchandise on account Freight paid on merchandise purchased Purchase discounts enjoyed Wages paid for the period P 50,000 15,000 2,500 40,000 20,000 1,800 3,900 10,000 1,300 1,000 Defective merchandise returned by customer, sold on account Returned defective merchandise purchased for cash Transactions during the second half of the month: Cash sales Sales on account Freight paid on cash sales Purchases: 1. P 35,000, terms 2/10, n/30 (paid within discount period) 105,000 27,000 1,400 2. P 8,000, terms 10-10%, 5/5, n/30(paid within discount period) 3. P 9,000, terms 1/10, n/30 (paid beyond discount period) 4. P 12,000 cash purchases, FOB destination (freight, P 1,200) Wages paid for the second half of the month Unpaid wages at the end of month Utilities expense for the month (unpaid) Interest earned on deposits 10,000 1,800 1,800 1,200 Additional information: Merchandise inventory at the beginning of the month Merchandise inventory at the end of the month Store supplies on hand at the end of the month REQUIRED: 8,000 42,000 900 Prepare a multi-step income statement for the period ended January 31, 2011.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:DLC:
Score:
Selected transactions of G. Calma Trading during the first 15 days of January 2011
were as follows:
Cash sales of merchandise
Sales of merchandise on account
Store supplies purchased on account
Purchase of merchandise for cash
Purchase of merchandise on account
Freight paid on merchandise purchased
Purchase discounts enjoyed
Wages paid for the period
P 50,000
15,000
2,500
40,000
20,000
1,800
3,900
10,000
1,300
1,000
Defective merchandise returned by customer, sold on account
Returned defective merchandise purchased for cash
Transactions during the second half of the month:
Cash sales
Sales on account
Freight paid on cash sales
Purchases:
1. P 35,000, terms 2/10, n/30 (paid within discount period)
105,000
27,000
1,400
2. P 8,000, terms 10-10%, 5/5, n/30(paid within discount period)
3. P 9,000, terms 1/10, n/30 (paid beyond discount period)
4. P 12,000 cash purchases, FOB destination (freight, P 1,200)
Wages paid for the second half of the month
Unpaid wages at the end of month
Utilities expense for the month (unpaid)
Interest earned on deposits
10,000
1,800
1,800
1,200
Additional information:
Merchandise inventory at the beginning of the month
Merchandise inventory at the end of the month
Store supplies on hand at the end of the month
REQUIRED:
8,000
42,000
900
Prepare a multi-step income statement for the period ended January 31, 2011.
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