I. Given the following information below, answer the question asked. COPY AND ANSWER. Sales Php 6,000,000 Sales Return 21,500 1,200,000 170,000 140,000 100,000 60,000 300,000 3,200,000 300,000 11,450 12,645 Salaries Expense Supplies Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Purchases Ending Inventory Sales Discounts Purchases Return Purchase Discounts 10,450 Freight In 1,500 Freight Out 1,850 What are the account titles involved? Show first, then compute. 1. What is the computed amount of cost of sales? 2. What is the computed value of Net Sales? 3. What is the computed amount of Gross Profit?
I. Given the following information below, answer the question asked. COPY AND ANSWER. Sales Php 6,000,000 Sales Return 21,500 1,200,000 170,000 140,000 100,000 60,000 300,000 3,200,000 300,000 11,450 12,645 Salaries Expense Supplies Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Purchases Ending Inventory Sales Discounts Purchases Return Purchase Discounts 10,450 Freight In 1,500 Freight Out 1,850 What are the account titles involved? Show first, then compute. 1. What is the computed amount of cost of sales? 2. What is the computed value of Net Sales? 3. What is the computed amount of Gross Profit?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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