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income statement.

income statement.

FINANCIAL ACCOUNTING
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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Problem #3 Missing Elements - Reconstruction To test your knowledge of the relationships of these items, insert the missing figure the following income statement. Note that gross profit is 40% of net sales and profs. 10% of net sales. Net Sales Gross Sales Less: Sales Returns & Allowances P45,000 Sales Discounts 15,000 Net Sales Cost of Goods Sold Inventory, Jan. 1, 2020 Purchases P220,000 P985,000 Less: Purchases Returns & Allowances P31,000 Purchases Discounts 20,000 Net Purchases P. Transportation-In Net Cost of Purchases 36,000 Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2020 Cost of Goods Sold 260,000 Gross Margin from Sales Operating Expenses P620,000 Profit P. Problem #4
Transcribed Image Text:Problem #3 Missing Elements - Reconstruction To test your knowledge of the relationships of these items, insert the missing figure the following income statement. Note that gross profit is 40% of net sales and profs. 10% of net sales. Net Sales Gross Sales Less: Sales Returns & Allowances P45,000 Sales Discounts 15,000 Net Sales Cost of Goods Sold Inventory, Jan. 1, 2020 Purchases P220,000 P985,000 Less: Purchases Returns & Allowances P31,000 Purchases Discounts 20,000 Net Purchases P. Transportation-In Net Cost of Purchases 36,000 Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2020 Cost of Goods Sold 260,000 Gross Margin from Sales Operating Expenses P620,000 Profit P. Problem #4
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