Problem #2: On June 30, 2020 PSA Trading Co. has the following information: revenue from sales is P90,760; sales return is P35.500: cost of goods sold is P8,490; salaries cost P 14,600, rent is P8,000: "ght and wWater expenses are P7.550 and miscellaneous expenses are P9,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss
Problem #2: On June 30, 2020 PSA Trading Co. has the following information: revenue from sales is P90,760; sales return is P35.500: cost of goods sold is P8,490; salaries cost P 14,600, rent is P8,000: "ght and wWater expenses are P7.550 and miscellaneous expenses are P9,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Answer problem number 3
Transcribed Image Text:Problem #2: On June 30, 2020. PSA Trading Co. has the following information: revenue from sales is
P90,760; sales return is P35.500: cost of goods sold is P8,490; salaries cost P 14,600; rent is P8,0003;
nght and water expenses are P7.550 and miscellaneous expenses are P9,520.Generate an income
statement and find:
a. Gross Profit
b. Net Profit or Loss
Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales
amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15,
and refunds for defective goods amounted to P26,497.15. Generate an income statement and find:
a. Net Sales
b. Gross Profit
C. Net Profit
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