YNA Inc. operates a jewelry store. On the morning of February 14, aninventory was conducted after discovering that one of the trustedemployees committed theft and ran away with pieces of jewelry. Theinventory disclosed goods on hand costing P5,500,000. Additionalinformation from the books includes the following: Inventory on hand,February 1- P6,750,000; Purchases made from February 1 to 13 -P7,000,000 and Sales - P10,500,000. Records show that sales are madeat 40% above cost. What is the amount of loss from theft?

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YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after discovering that one of the trusted employees committed theft and ran away with pieces of jewelry. The inventory disclosed goods on hand costing P5,5o0,000. Additional information from the books includes the following: Inventory on hand, February 1- P6,750,000; Purchases made from February 1 to 13 - P7,000,000 and Sales - P10,500,000. Records show that sales are made at 40% above cost. What is the amount of loss from theft?

YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after discovering that one of the trusted employees committed theft and ran away with pieces of jewelry. The inventory disclosed goods on hand costing P5,5o0,000. Additional information from the books includes the following: Inventory on hand, February 1- P6,750,000; Purchases made from February 1 to 13 - P7,000,000 and Sales - P10,500,000. Records show that sales are made at 40% above cost. What is the amount of loss from theft?

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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