Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000 Sales discounts 20,000 Sales returns and allowances ? Net sales 735,000 NET PURCHASES Purchases P400,000 Freight-in 20,000 Purchase discounts ? Purchase returns and allowances 2,500 Net purchases 413,500 COST OF GOODS SOLD Beginning inventory P85,400 Ending inventory 74,500 Cost of goods sold ? GROSS PROFIT Gross profit ? TOTAL EXPENSES Rent P36,000 Salaries 145,700 Utilities 12,300 Freight-out ? Other 24,100 Total expenses 242,200 NET INCOME Net income ?
Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000 Sales discounts 20,000 Sales returns and allowances ? Net sales 735,000 NET PURCHASES Purchases P400,000 Freight-in 20,000 Purchase discounts ? Purchase returns and allowances 2,500 Net purchases 413,500 COST OF GOODS SOLD Beginning inventory P85,400 Ending inventory 74,500 Cost of goods sold ? GROSS PROFIT Gross profit ? TOTAL EXPENSES Rent P36,000 Salaries 145,700 Utilities 12,300 Freight-out ? Other 24,100 Total expenses 242,200 NET INCOME Net income ?
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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Required: Prepare a multi-step income statement/ Statement of Operation
NET SALES
Sales P800,000
Sales discounts 20,000
Sales returns and allowances ?
Net sales 735,000
NET PURCHASES
Purchases P400,000
Freight-in 20,000
Purchase discounts ?
Purchase returns and allowances 2,500
Net purchases 413,500
COST OF GOODS SOLD
Beginning inventory P85,400
Ending inventory 74,500
Cost of goods sold ?
GROSS PROFIT
Gross profit ?
TOTAL EXPENSES
Rent P36,000
Salaries 145,700
Utilities 12,300
Freight-out ?
Other 24,100
Total expenses 242,200
NET INCOME
Net income ?
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