Presented is information related to Biklo Co. for the month of January 2008. Freight-in Php 100,000 Rent Expense 200,000 Freight-out 70,000 Salary Expense 610,000 Insurance Expense 120,000 Sales Discounts 80,000 Purchases 2,000,000 Sales returns & allownaces 130,000 Purchases Discounts 30,000 Sales 3,120,000 Purchase returns & allowances 60,000 Beginning merchandise inventory was Php 420,000 and ending inventory was Php 630,000. Instruction:Prepare an income statement
Presented is information related to Biklo Co. for the month of January 2008. Freight-in Php 100,000 Rent Expense 200,000 Freight-out 70,000 Salary Expense 610,000 Insurance Expense 120,000 Sales Discounts 80,000 Purchases 2,000,000 Sales returns & allownaces 130,000 Purchases Discounts 30,000 Sales 3,120,000 Purchase returns & allowances 60,000 Beginning merchandise inventory was Php 420,000 and ending inventory was Php 630,000. Instruction:Prepare an income statement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented is information related to Biklo Co. for the month of January 2008.
| Freight-in | Php 100,000 | Rent Expense | 200,000 |
| Freight-out | 70,000 | Salary Expense | 610,000 |
| Insurance Expense | 120,000 | Sales Discounts | 80,000 |
| Purchases | 2,000,000 | Sales returns & allownaces | 130,000 |
| Purchases Discounts | 30,000 | Sales | 3,120,000 |
| Purchase returns & allowances | 60,000 |
Beginning merchandise inventory was Php 420,000 and ending inventory was Php 630,000.
Instruction:Prepare an income statement
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