Letter DLetter FLetter GLetter IAsssignment Merchandising Busines Gill 4Gilll| 0.1K/s10:16 PM10%f [Template] AS..Required:Using the table above, calculate the amount needed to settle each purchase.G. The following information pertains to the Leopoldo Valdez School Chairs:P 172,0001,200,0001,900,0004,300,000129,000215,000Transportation InMerchandise Inventory, 1/1/2020Merchandise Inventory, 12/31/2020PurchasesPurchase Returns and AllowancesPurchase DiscountsRequired: Prepare the cost of goods sold section of the income statement for theyear ended Dec. 31, 2020.H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of CristinaSantiago Shirts. The following information was available from the entity'saccounting office:Cost of Goods SoldTransportation InMerchandise Inventory, 1/1/2020P1,260,00039,600300,00026,40046,2001,320,000Purchase DiscountsPurchase Returns and AllowancesPurchasesRequired: Compute the value of the lost merchandise. (Ending MerchandiseInventory).I. The partial income statements of five different companies are as follows:45Net SalesMerchandise Inventory, 1/1/2020d250,000 290,000 400,000120,000160,000 390,000a50,00070,000Net Cost of Purchases80,000110,000| 160,000eGoods Available for SalehkmMerchandiseInventory, 1/31/2020Cost of Goods SoldGross Profit40,00030,000140,000 230,00040,00070,000380,00050,000i160,000Required: Replace the lettered blanks with the appropriate amounts.-o0o0-... Gilll 4Gılll OK/s O10:15 PM10%f [Template] AS..D. The following selected account balances were taken from the records of J.Gucela Company, for the month of January 20B. (VAT of 12% is billedseparately).PurchasesP100,00010,0005,00080,0006,0007,000Purchase Returns & AllowancesPurchase DiscountsSalesSales Returns and AllowancesSales Discounts3 -Required:1. Compute the Input Tax2. Compute the Output Tax3. Compute the Prepaid Tax4. Entry to close the Output Tax to Input Tax5. Where do we show the Prepaid Tax in the Financial Statements?E. On June 1, 2020, Eleno Buray Forest Products sold merchandise with aP120,000 list price.Trade Discount30%SalesCashCredit Terms2/10, n/301/10, n/302/10, n/301/15, n/30n/30Required: For each of the sales terms, determine the following:Date PaidAmountReceiveda.June 8b.c.d.40%June 15June 1120%June 14e.40%June 281. The amount recorded as a sale.2. The amount of cash received.F. Renz Aguhob Fireworks engaged in the following purchase transactions duringthe month. The entity observes the policy that all returns are made one day afterthe goods are received, and that all purchases are paid within the discount period.PurchaseFreight Returns & CreditCharges Allowances Terms Discount PaymentP4,0009,0002,0001,00014,000TradeCashList Price FOB TermsP224,000 Shipping pt.126,00090,000 Shipping pt.41,000 Shipping pt.357,000 DestinationRequired:Using the table above, caleulate the amount needed to settle each purchase.30%P 21,000 2/10,n/301/10,n/307,000 2/10,n/30n/30Destination20%9,00024,000 3/10,n/3025%20%G. The following information pertains to the Leopoldo Valdez School Chairs:P 172,0001,200,0001,900,0004,300,000Transportation InMerchandise Inventory, 1/1/2020Merchandise Inventory, 12/31/2020Purchases

Note: As per the policy we are supposed to solve one question at a time, Since Question G is the…

G. The following information pertains to the Leopoldo Valdez School Chairs: P 172,000 1,200,000 1,900,000 4,300,000 129,000 215,000 Transportation In Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Purchases Purchase Returns and Allowances Purchase Discounts Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.

G. The following information pertains to the Leopoldo Valdez School Chairs: P 172,000 1,200,000 1,900,000 4,300,000 129,000 215,000 Transportation In Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Purchases Purchase Returns and Allowances Purchase Discounts Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.

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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