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Problem 5: Comprehensive Problem The following are taken from the records of ABC Company for the yearended December 31, 20X2: Debit Credit Sales P764,985 Purchase discount 8,200 Purchase returns and allowances 5,465 Purchases 459,990 Freight-in Sales discount Sales returns and allowances 9,180 13,300 5,455 Depreciation expense Amortization expense 25,000 10,000 Salaries expense 80,000 Utilities expense Advertising expense Rent expense 55,000 35,000 60,000 Interest income Interest expense 5,444 5,677 Gain on sale of PPE 5,465 Bad debts expense Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales Net purchases

Problem 5: Comprehensive Problem The following are taken from the records of ABC Company for the yearended December 31, 20X2: Debit Credit Sales P764,985 Purchase discount 8,200 Purchase returns and allowances 5,465 Purchases 459,990 Freight-in Sales discount Sales returns and allowances 9,180 13,300 5,455 Depreciation expense Amortization expense 25,000 10,000 Salaries expense 80,000 Utilities expense Advertising expense Rent expense 55,000 35,000 60,000 Interest income Interest expense 5,444 5,677 Gain on sale of PPE 5,465 Bad debts expense Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales Net purchases

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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December 20, 20X1 CMM delivered 4 boxes of Jared's order. December 25, 20X1 CMM delivered additional 3 boxes of Jared's order. December 27, 20X1 CMM received P6,000 from Jared as partial payment. December 28, 20X1 CMM received 1 box returned by Jared. Given the above information, determine the revenue generated by CMM from the transaction with Jared. Problem 5: Comprehensive Problem The following are taken from the records of ABC Company for the yearended December 31, 20X2: Debit Credit Sales P764,985 Purchase discount 8,200 Purchase returns and allowances 5,465 Purchases 459,990 Freight-in 9,180 Sales discount 13,300 Sales returns and allowances 5,455 Depreciation expense 25,000 Amortization expense 10,000 Salaries expense 80,000 Utilities expense 55,000 Advertising expense 35,000 Rent expense 60,000 Interest income 5,444 Interest expense 5,677 Gain on sale of PPE 5,465 Bad debts expense ??? Based on actual physical count, inventory balance are as follows: January 1, 20X2 P25,455 December 31, 20x2 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales b. Net purchases
Transcribed Image Text:December 20, 20X1 CMM delivered 4 boxes of Jared's order. December 25, 20X1 CMM delivered additional 3 boxes of Jared's order. December 27, 20X1 CMM received P6,000 from Jared as partial payment. December 28, 20X1 CMM received 1 box returned by Jared. Given the above information, determine the revenue generated by CMM from the transaction with Jared. Problem 5: Comprehensive Problem The following are taken from the records of ABC Company for the yearended December 31, 20X2: Debit Credit Sales P764,985 Purchase discount 8,200 Purchase returns and allowances 5,465 Purchases 459,990 Freight-in 9,180 Sales discount 13,300 Sales returns and allowances 5,455 Depreciation expense 25,000 Amortization expense 10,000 Salaries expense 80,000 Utilities expense 55,000 Advertising expense 35,000 Rent expense 60,000 Interest income 5,444 Interest expense 5,677 Gain on sale of PPE 5,465 Bad debts expense ??? Based on actual physical count, inventory balance are as follows: January 1, 20X2 P25,455 December 31, 20x2 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales b. Net purchases
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