PROBLEM:To test your knowledge of the relationships of these items, insert the missing figures inthe following income statement. Note that gross profit is 40% of net sales and profit is10% of net sales.Net SalesGross SalesLess: Sales Returns & AllowancesP45,00015,000Sales DiscountsNet SalesPCost of Goods SoldP220,000Inventory, Jan. 1, 2018PurchasesP985,000Less: Purchases Returns &Allowances P31,00020,000Purchases DiscountsNet PurchasesTransportation-In36,000Net Cost of PurchasesCost of Goods Available for SaleLess: Inventory, Dec. 31, 2018Cost of Goods Sold ·260,000Gross Margin from SalesOperating ExpensesP620,000ProfitPREQUIRED: Complete the missing elementsby showing your supporting computations.(No need to prepare the income statement.)What should be the amount of the following?a) Gross Salesb) Total of contra-sales accounts

Income statement is one of the financial statement of the business, which shows all incomes and all…

PROBLEM: To test your knowledge of the relationships of these items, insert the missing figures in the following income statement. Note that gross profit is 40% of net sales and profit is 10% of net sales. Net Sales Gross Sales Less: Sales Returns & Allowances P45,000 Sales Discounts 15,000 Net Sales Cost of Goods Sold P220,000 Inventory, Jan. 1, 2018 Purchases P985,000 Less: Purchases Returns &Allowances P31,000 20,000 Purchases Discounts P Net Purchases Transportation-In 36,000 Net Cost of Purchases P Cost of Goods Available for Sale 260,000 Less: Inventory, Dec. 31, 2018 Cost of Goods Sold · P620,000 Gross Margin from Sales Operating Expenses P Profit REQUIRED: Complete the missing elements by showing your supporting computations. (No need to prepare the income statement.) What should be the amount of the following? a) Gross Sales b) Total of contra-sales accounts

PROBLEM: To test your knowledge of the relationships of these items, insert the missing figures in the following income statement. Note that gross profit is 40% of net sales and profit is 10% of net sales. Net Sales Gross Sales Less: Sales Returns & Allowances P45,000 Sales Discounts 15,000 Net Sales Cost of Goods Sold P220,000 Inventory, Jan. 1, 2018 Purchases P985,000 Less: Purchases Returns &Allowances P31,000 20,000 Purchases Discounts P Net Purchases Transportation-In 36,000 Net Cost of Purchases P Cost of Goods Available for Sale 260,000 Less: Inventory, Dec. 31, 2018 Cost of Goods Sold · P620,000 Gross Margin from Sales Operating Expenses P Profit REQUIRED: Complete the missing elements by showing your supporting computations. (No need to prepare the income statement.) What should be the amount of the following? a) Gross Sales b) Total of contra-sales accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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