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

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

Name: Problem #3: AMA cooperative store had thefollowing activities for yea
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Description: Problem #3: AMA cooperative store had thefollowing activities for year ended 2021:gross sales amounting to P94,653, the costof goods sold was P48,923, the operatingexpenses were, P8,723.15, and refunds fordefective goods amounted to P26,497.15.Gener

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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