Problem C- Use the following information to answer questions below: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and Allowances 20,000 30,000 Freight In Operating Expenses 350,000 In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 1. Cost of goods sold for the period was c. P200,000 d. P170,000 a. P235,000 b. P160,000 2. Profit for the period was a. P525,000 c. P250,000 b. P450,000 d. P175,000
Problem C- Use the following information to answer questions below: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and Allowances 20,000 30,000 Freight In Operating Expenses 350,000 In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 1. Cost of goods sold for the period was c. P200,000 d. P170,000 a. P235,000 b. P160,000 2. Profit for the period was a. P525,000 c. P250,000 b. P450,000 d. P175,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Problem C- Use the following information to answer questions below:
Account Name
Debit
Credit
Sales
750,000
Sales Returns and Allowances
15,000
Sales Discounts
10,000
Purchases
170,000
Purchases Returns and Allowances
20,000
Freight In
30,000
Operating Expenses
350,000
In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventory
was P35,000.
1. Cost of goods sold for the period was
а. Р235,000
с. Р200,000
b. P160,000
d. P170,000
2. Profit for the period was
a. P525,000
C.
P250,000
b. P450,000
d. P175,000
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