Net Sales Gross Sales Less: Sales Returns & Allowances P 54,000 Sales Discounts 19,200 Net Sales Less: Cost of Sales Inventory, 1/1/21 225,000 Add: Net Purchases Purchases P 890,200 Less: Purchases Returns & Allow. P 31,000 Purchase Discounts 12,200 Add: Freight in 12,000 Net Purchases 859,000 P 1,084,000 Goods Available for Sales Less: Inventory, 12/31/21 Cost of Sales Gross Profit Less: Operating Expenses Distribution Expenses Administrative Expenses Total Expense 138,480 (258,780) Net Income P 125,220 Required: Insert the missing figures in the income statement above. Note that Net Income is 10% of Gross Sales.

Net Sales Gross Sales Less: Sales Returns & Allowances P 54,000 Sales Discounts 19,200 Net Sales Less: Cost of Sales Inventory, 1/1/21 225,000 Add: Net Purchases Purchases P 890,200 Less: Purchases Returns & Allow. P 31,000 Purchase Discounts 12,200 Add: Freight in 12,000 Net Purchases 859,000 P 1,084,000 Goods Available for Sales Less: Inventory, 12/31/21 Cost of Sales Gross Profit Less: Operating Expenses Distribution Expenses Administrative Expenses Total Expense 138,480 (258,780) Net Income P 125,220 Required: Insert the missing figures in the income statement above. Note that Net Income is 10% of Gross Sales.

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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