Looking for an expert Accounting Tutor thank you TIPS:1. Get the Cost of Goods Sold(COGS) - compute for it, andyan yan. Compute for this first.2. The rest of the account titles, identify if it is revenue or expense. Then plot to income statement to get the net incomeAdditional reference:SINGLE STEP APPROACH that your going to use Illustration: SCI of a merchandising businessThe trial balance of ABC Co. on December 31, 20x1 shows th.following information:Dr.Cr.AccountsP900,000Sales60,00020,000Interest incomeGainsP50,000200,00010,000Inventory, beg.PurchasesFreight-inPurchase returns5,0007,000Purchase discountsFreight-out25,000Sales commission30,000Advertising expenseSalaries expenseRent expenseDepreciation expenseUtilities expense15,000300,00030,00040,00020,00010,000Supplies expenseTransportation and travel expenseInsurance expense5,00012,000Taxes and licenses70,000Interest expenseMiscellaneous expenseLoss on the sale of equipment2,0001,00015,000P835,000TotalsP992,000 Additional information:a. Ending inventory is P80,000,b. One-half of the salaries, rent, and depreciation expenses pertainto the sales department. The sales department does not sharein the other expenses.

Name: Looking for an expert Accounting Tutor thank you TIPS:1. Get the Cost
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Looking for an expert Accounting Tutor thank you TIPS:1. Get the Cost of Goods Sold(COGS) - compute for it, andyan yan. Compute for this first.2. The rest of the account titles, identify if it is revenue or expense. Then plot to income statement to g