The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT P764,985 8,200 5,465 DEBIT |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in Sales discount Sales retuns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 459,990 9,180 13,300 5,455 25,000 10,000 80,000 55,000 35,000 60,000 5.444 5,677 5.465 ??? • 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 general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit f. Total Expenses
The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT P764,985 8,200 5,465 DEBIT |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in Sales discount Sales retuns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 459,990 9,180 13,300 5,455 25,000 10,000 80,000 55,000 35,000 60,000 5.444 5,677 5.465 ??? • 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 general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit f. Total Expenses
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer Letter D, E, F, G. Thankyou

Transcribed Image Text:The following are taken from the record of ABM Company for the year ended December 31,
20X2:
DEBIT
CREDIT
|Sales
Purchase Discount
Purchase Returns and allowances
Purchases
Freight-in
P764,985
8,200
5,465
459,990
9,180
13,300
5,455
25,000
Sales discount
Sales returns and allowances
Depreciation Expense
Amortization expense
Salaries Expense
Utilities Expense
Advertising Expense
Rent Expense
Interest Income
Interest Expense
Gain on sale of PPE
Bad Debts Expense
10,000
80,000
55,000
35,000
60,000
5,444
5,677
5,465
???
• Based on actual physical count, inventory balance are as follows:
January 1, 20X2
December 31, 20X2
P25,455
P20,765
Bad debts expenso is 4% of net sales. Classify the bad debt expense as
general and administrative expense.
Determine the following by preparing a multi-step form of SCI.
a. Net Sales
b. Net Purchases
c. Cost of goods sold
d. Bad debts expense
e. Gross Profit.
f. Total Expenses
g. Net Income/Loss
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