Problem 4-24 The following information Purchases Purchase discounts Purchase returns Transportation in Freight out Inventory, end Inventory, beginning Cost of Sales How much is the cost of sale? a. P 95,000 b. P1,185,000 Inventory, end Purchases Freight in Purchase discount Problem 4-25 Cost of Sales The following pertain to the 2-year operations of a trading business: Year 1 P 50,000 850,000 10,000 20,000 a. is available to determine the cost of sale of X: P1,200,000 b. P910,000 C. P790,000 d. P860,000 The cost of sales for year 1 and year 2 are Year 1 Year 2 P920,000 P890,000 P790,000 P910,000 P790,000 P790,000 operation: Purchases of raw materials Freight in Raw materials, ending inventory Direct labor Factory overhead d. P860,000 Problem 4-26 Income from Manufacturing Business A manufacturing business reported the following for its first year of Work-in-process, ending inventory Finished goods, ending inventory A Sales Freight out Sales return Its gross business income is .a. P238,000 b. P250,000 C. P1,125,000 d. P1,135,000 The gross service income of X is a. P15,000. b. P13,000. Accounting supplies General supplies Salaries of accounting staff Salaries of office assistant C. P228,000 d. P188,000 10,000 40,000 5,000 4,000 50,000 20,000 Problem 4-27 Gross Service Income Before starting to render his service, X collected an advance payment of P2,000 for the acceptance of the job contract. When the required service from X was completed, X received P8,000 cash service fee after deducting the P2,000 advance payment, plus an office machine with cash price value of P3,000 and P2,500 cost to the seller. C. P11,000. d, P10,500. Year 2 P 30,000 900,000 15,000 25,000 The gross income for MCIT purposes would be a. P500,000. C. P280,000. b. P340,000. d. P275,000. P 540,000 20,000 10,000 400,000 200,000 100,000 50,000 1,275,000 Problem 4-28 Gross Service Income From the following data compute the reportable gross business income of a servicing business for MCIT purposes: Professional fee, accounting services 12,000 25,000 P500,000 150,000 60,000 10,000 5,000
Problem 4-24 The following information Purchases Purchase discounts Purchase returns Transportation in Freight out Inventory, end Inventory, beginning Cost of Sales How much is the cost of sale? a. P 95,000 b. P1,185,000 Inventory, end Purchases Freight in Purchase discount Problem 4-25 Cost of Sales The following pertain to the 2-year operations of a trading business: Year 1 P 50,000 850,000 10,000 20,000 a. is available to determine the cost of sale of X: P1,200,000 b. P910,000 C. P790,000 d. P860,000 The cost of sales for year 1 and year 2 are Year 1 Year 2 P920,000 P890,000 P790,000 P910,000 P790,000 P790,000 operation: Purchases of raw materials Freight in Raw materials, ending inventory Direct labor Factory overhead d. P860,000 Problem 4-26 Income from Manufacturing Business A manufacturing business reported the following for its first year of Work-in-process, ending inventory Finished goods, ending inventory A Sales Freight out Sales return Its gross business income is .a. P238,000 b. P250,000 C. P1,125,000 d. P1,135,000 The gross service income of X is a. P15,000. b. P13,000. Accounting supplies General supplies Salaries of accounting staff Salaries of office assistant C. P228,000 d. P188,000 10,000 40,000 5,000 4,000 50,000 20,000 Problem 4-27 Gross Service Income Before starting to render his service, X collected an advance payment of P2,000 for the acceptance of the job contract. When the required service from X was completed, X received P8,000 cash service fee after deducting the P2,000 advance payment, plus an office machine with cash price value of P3,000 and P2,500 cost to the seller. C. P11,000. d, P10,500. Year 2 P 30,000 900,000 15,000 25,000 The gross income for MCIT purposes would be a. P500,000. C. P280,000. b. P340,000. d. P275,000. P 540,000 20,000 10,000 400,000 200,000 100,000 50,000 1,275,000 Problem 4-28 Gross Service Income From the following data compute the reportable gross business income of a servicing business for MCIT purposes: Professional fee, accounting services 12,000 25,000 P500,000 150,000 60,000 10,000 5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I-n-c-o-m-e- -t-a-x-a-t-i-o-n- -b-a-s-e-d- -i-n- -P-h-i-l-i-p-p-i-n-e- -L-a-w-
A-n-s-w-e-r- -t-h-e- -a-t-t-a-c-h-e-d- -p-i-c-t-u-r-e-,- -p-l-e-a-s-e- -a-d-d- -s-o-l-u-t-i-o-n- -i-n- -e-v-e-r-y- -p-r-o-b-l-e-m- -a-l-s-o- -i-n-d-i-c-a-t-e- -t-h-e- -r-u-l-e- -o-r- -p-r-o-v-i-s-i-o-n-s- -o-f- -l-a-w- -u-n-d-e-r- -R-e-p-u-b-l-i-c- -A-c-t- -No. 8434
Transcribed Image Text:Problem 4-24
The following information
Purchases
Purchase discounts
Purchase returns
Transportation in
Freight out
Inventory, end
Inventory, beginning
How much is the cost of sale?
a. P 95,000
b. P1,185,000
b.
C.
Inventory, end
Purchases
d.
Problem 4-25
Cost of Sales
The following pertain to the 2-year operations of a trading business:
Year 1
P 50,000
850,000
Freight in
Purchase discount
d.
Cost of Sales
a.
P910,000
P790,000
P860,000
The cost of sales for year 1 and year 2 are
Year 2
Year 1
P920,000
P890,000
is available to determine the cost of sale of X:
P1,200,000
Freight out
Sales return
P790,000
P910,000
P790,000
operation:
Purchases of raw materials
P790,000
Freight in
Raw materials, ending inventory
Direct labor
Factory overhead
Work-in-process, ending inventory
Finished goods, ending inventory A
Sales
P860,000
Problem 4-26
Income from Manufacturing Business
A manufacturing business reported the following for its first year of
Its gross business income is
-a.
P238,000
b. P250,000
C.
d.
The gross service income of X is
a. P15,000.
b. P13,000.
Accounting supplies
General supplies
P1,125,000
P1,135,000
a. P500,000.
b. P340,000.
Salaries of accounting staff
Salaries of office assistant
10,000
20,000
C.
P228,000
d. P188,000
Problem 4-27
Gross Service Income
Before starting to render his service, X collected an advance payment of
P2,000 for the acceptance of the job contract. When the required service
from X was completed, X received P8,000 cash service fee after deducting
the P2,000 advance payment, plus an office machine with cash price
value of P3,000 and P2,500 cost to the seller.
10,000
40,000
5,000
4,000
50,000
20,000
C.
P11,000.
d, P10,500.
The gross income for MCIT purposes would be
Year 2
P 30,000
900,000
15,000
25,000
Problem 4-28
Gross Service Income
From the following data compute the reportable gross business income of
a servicing business for MCIT purposes:
Professional fee, accounting services
c. P280,000.
d.
P275,000.
P 540,000
20,000
10,000
400,000
200,000
100,000
50,000
1,275,000
12,000
25,000
P500,000
150,000
60,000
10,000
5,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education