Net SalesGross SalesPhpLess: Sales Returns & AllowancesPhp 45,00015,000Sales DiscountsNet SalesPhpCost of Goods SoldPhp 220,000Inventory, Jan. 1, 2018PurchasesPhp 985,000Less: Purchases Returns & Allowances Php 31,000Purchase Discounts20,000Net PurchasesPhp36,000Transportation-InNet Cost of PurchasesPhp260,000Cost of Goods Available for SaleLess: Inventory, Dec. 31, 2018Cost of Goods SoldGross Profit from SalesPhp 620,000Operating ExpensesProfitRequired:Insert the missing figures in the income statement above. Note that the Gross Profit is 40% of Net Sales and Profit is10% of Net Sales.

Income statement is one of the financial statement which shows all incomes and all expenses of the…

Net Sales Gross Sales Php Less: Sales Returns & Allowances Php 45,000 15,000 Sales Discounts Net Sales Php Cost of Goods Sold Inventory, Jan. 1, 2018 Purchases Php 220,000 Php 985,000 Less: Purchases Returns & Allowances Php 31,000 Purchase Discounts 20,000 Php 36,000 Net Purchases Transportation-In Net Cost of Purchases Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2018 Cost of Goods Sold Php 260,000 Gross Profit from Sales Php 620,000 Operating Expenses Profit Required: Insert the missing figures in the income statement above. Note that the Gross Profit is 40% of Net Sales and Profit is 19% of Net Sales.

Net Sales Gross Sales Php Less: Sales Returns & Allowances Php 45,000 15,000 Sales Discounts Net Sales Php Cost of Goods Sold Inventory, Jan. 1, 2018 Purchases Php 220,000 Php 985,000 Less: Purchases Returns & Allowances Php 31,000 Purchase Discounts 20,000 Php 36,000 Net Purchases Transportation-In Net Cost of Purchases Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2018 Cost of Goods Sold Php 260,000 Gross Profit from Sales Php 620,000 Operating Expenses Profit Required: Insert the missing figures in the income statement above. Note that the Gross Profit is 40% of Net Sales and Profit is 19% of Net 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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