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PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business: Sales P253,000 Sales Returns and Allowances 8,000 134,000 Merchandise inventory, January 1 Purchases 126,000 Purchase returns and allowances 4,000 Purchase discounts 3,000 8,500 10,000 Merchandise inventory, December 31 Freight In Sales discount 80,000 Compute for a. Net Sales b. Net Purchases c. Gross profit PROBLEM 2 Tysen Retailers purchased merchandise with a list price of P90,000, subject to trade discounts of 20% and another 10%, with no cash discounts allowable. Tysen should record the cost of this merchandise as?

PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business: Sales P253,000 Sales Returns and Allowances 8,000 134,000 Merchandise inventory, January 1 Purchases 126,000 Purchase returns and allowances 4,000 Purchase discounts 3,000 8,500 10,000 Merchandise inventory, December 31 Freight In Sales discount 80,000 Compute for a. Net Sales b. Net Purchases c. Gross profit PROBLEM 2 Tysen Retailers purchased merchandise with a list price of P90,000, subject to trade discounts of 20% and another 10%, with no cash discounts allowable. Tysen should record the cost of this merchandise as?

FINANCIAL ACCOUNTING
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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PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business: Sales P253,000 8,000 134,000 Sales Returns and Allowances Merchandise inventory, January 1 Purchases 126,000 Purchase returns and allowances 4,000 3,000 8,500 10,000 Merchandise inventory, December 31 Purchase discounts Freight In Sales discount 80,000 Compute for a. Net Sales b. Net Purchases c. Gross profit PROBLEM 2 Tysen Retailers purchased merchandise with a list price of P90,000, subject to trade discounts of 20% and another 10%, with no cash discounts allowable. Tysen should record the cost of this merchandise as? PROBLEM 3 On June 1, 2020, Univ Corp. sold merchandise with a list price of P30,000 to University on account. Univ allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made f.o.b. shipping point. Univ prepaid P600 of delivery costs for University as an accommodation. On June 12, 2020, Univ received from University a remittance in full payment amounting to? PROBLEM 4 Dial Corp.'s accounts payable at December 31, 2020, totaled P800,000 before any necessary year-end adjustments relating to the following transactions: • On December 28, 2020, Dial purchased and received goods for P200,000, terms 2/10, n/30. Dial records purchases and accounts payable at gross amounts. The invoice was recorded and paid January 3, 2021.
Transcribed Image Text:PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business: Sales P253,000 8,000 134,000 Sales Returns and Allowances Merchandise inventory, January 1 Purchases 126,000 Purchase returns and allowances 4,000 3,000 8,500 10,000 Merchandise inventory, December 31 Purchase discounts Freight In Sales discount 80,000 Compute for a. Net Sales b. Net Purchases c. Gross profit PROBLEM 2 Tysen Retailers purchased merchandise with a list price of P90,000, subject to trade discounts of 20% and another 10%, with no cash discounts allowable. Tysen should record the cost of this merchandise as? PROBLEM 3 On June 1, 2020, Univ Corp. sold merchandise with a list price of P30,000 to University on account. Univ allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made f.o.b. shipping point. Univ prepaid P600 of delivery costs for University as an accommodation. On June 12, 2020, Univ received from University a remittance in full payment amounting to? PROBLEM 4 Dial Corp.'s accounts payable at December 31, 2020, totaled P800,000 before any necessary year-end adjustments relating to the following transactions: • On December 28, 2020, Dial purchased and received goods for P200,000, terms 2/10, n/30. Dial records purchases and accounts payable at gross amounts. The invoice was recorded and paid January 3, 2021.
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