On October 1, 2021, the warehouse of ABC Co. and all inventories contained therein were damaged by flood. Off-site back up of data base shows the following information: Inventory, Jan. I Accounts payable, Jan. 1 Accounts payable, Sept. 30 Payments to suppliers Freight-in Purchase returms and discounts Sales from Jan. to Sept. Sales returns Sales discounts 14,500 6,000 3,000 50,000 5,000 2.500 75,000 5,000 2.000 Gross profit rate based on sales 20% Addirional information: Goods in transit as of October 1, 2021 amounted to P2,000, cost of goods out on consignment is PI,200, and materials damaged by flood can be sold at a salvage value of P500.

On October 1, 2021, the warehouse of ABC Co. and all inventories contained therein were damaged by flood. Off-site back up of data base shows the following information: Inventory, Jan. I Accounts payable, Jan. 1 Accounts payable, Sept. 30 Payments to suppliers Freight-in Purchase returms and discounts Sales from Jan. to Sept. Sales returns Sales discounts 14,500 6,000 3,000 50,000 5,000 2.500 75,000 5,000 2.000 Gross profit rate based on sales 20% Addirional information: Goods in transit as of October 1, 2021 amounted to P2,000, cost of goods out on consignment is PI,200, and materials damaged by flood can be sold at a salvage value of P500.

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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