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Hereunder are the nominal or temporary accounts of Lydia Merchandising on December 31, 2019. P1800.000.00 40,000 00 12,000 00 Sales Interest Income Gains Inventory, Beginning Purchases Freight In Purchase Returns and Alowances Purchase Discounts Freight Out Sales Commission Advertising Expenses Salares Expenses Rent Expenses Depreciation Epense Utilites Expenses Supplies Expense Transportation and Travel Expeonses Insurance Taxes and Licenses Interest Expense Miscellaneous Expenses LOSS on Sale o Equipment P 75.000.00 480,000.00 9,000 00 12,000 00 9,000 00 32,000.00 60,000 00 30,000.00 320,000.00 36,000 00 50,000.00 30,000 .00 12,000.00 10,000 00 12,000 00 48,000 00 5,000 00 12,000 00 6.000 00 Additional information: 1. Ending inventory is P90,000.00 2. One-fourth of the salaries, rent and depreciation are attributable to the non-sales department. The Sales Department does not share in the other expenses.

Hereunder are the nominal or temporary accounts of Lydia Merchandising on December 31, 2019. P1800.000.00 40,000 00 12,000 00 Sales Interest Income Gains Inventory, Beginning Purchases Freight In Purchase Returns and Alowances Purchase Discounts Freight Out Sales Commission Advertising Expenses Salares Expenses Rent Expenses Depreciation Epense Utilites Expenses Supplies Expense Transportation and Travel Expeonses Insurance Taxes and Licenses Interest Expense Miscellaneous Expenses LOSS on Sale o Equipment P 75.000.00 480,000.00 9,000 00 12,000 00 9,000 00 32,000.00 60,000 00 30,000.00 320,000.00 36,000 00 50,000.00 30,000 .00 12,000.00 10,000 00 12,000 00 48,000 00 5,000 00 12,000 00 6.000 00 Additional information: 1. Ending inventory is P90,000.00 2. One-fourth of the salaries, rent and depreciation are attributable to the non-sales department. The Sales Department does not share in the other expenses.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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Hereunder are the nominal or temporary accounts of Lydia Merchandising on December 31, 2019. Sales P1800.000.00 40,000.00 12,000 00 Interest Income Gains Inventory, Beginning Purchases Freight In Purchase Returns and Alowances Purchase Diacounts Freight Out Sales Commission Advertising Expenses Salaries Expenses Rent Expenses Depreciation Epense Utilites Expenses Supplies Expense Transportation and Travel Expenses Insurance Taxes and Licenses Interest Expense Miscellaneous Expenses Loss on Sale o Equipment 75,000 00 480,000.00 9,000 00 12,000 00 9,000 00 32,000.00 60,000 00 30,000.00 320,000.00 36,000 00 50,000.00 30,000.00 12,000.00 10,000 00 12.000 00 48,000 00 5,000 00 12,000 00 6,000 00 Additional information: 1. Ending inventory is P90,000.00 2. One-fourth of the salaries, rent and depreciation are attributable to the non-sales department. The Sales Department does not share in the other expenses.
Transcribed Image Text:Hereunder are the nominal or temporary accounts of Lydia Merchandising on December 31, 2019. Sales P1800.000.00 40,000.00 12,000 00 Interest Income Gains Inventory, Beginning Purchases Freight In Purchase Returns and Alowances Purchase Diacounts Freight Out Sales Commission Advertising Expenses Salaries Expenses Rent Expenses Depreciation Epense Utilites Expenses Supplies Expense Transportation and Travel Expenses Insurance Taxes and Licenses Interest Expense Miscellaneous Expenses Loss on Sale o Equipment 75,000 00 480,000.00 9,000 00 12,000 00 9,000 00 32,000.00 60,000 00 30,000.00 320,000.00 36,000 00 50,000.00 30,000.00 12,000.00 10,000 00 12.000 00 48,000 00 5,000 00 12,000 00 6,000 00 Additional information: 1. Ending inventory is P90,000.00 2. One-fourth of the salaries, rent and depreciation are attributable to the non-sales department. The Sales Department does not share in the other expenses.
1. How much is the Net Purchases? 2 How much is the changes in Invenlory? 3. How much is the Cost of Goods Sold? 4 How much is the Total Selling Expenses? S. How much is the Total General and Administrative Expenses?
Transcribed Image Text:1. How much is the Net Purchases? 2 How much is the changes in Invenlory? 3. How much is the Cost of Goods Sold? 4 How much is the Total Selling Expenses? S. How much is the Total General and Administrative Expenses?
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