PROBLEM 3 For each of the following, determine the missing amounts Sales COGS Gross Profit Operating Expenses Net income 1. P100,000 P25,000 P10,000 2. P95,000 P120,000 P80,000 Answers: 1. COGS, ; Gross profit, 2. Sales, ; Operating expenses,

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is