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Jan Cahilig Traders started operating in 2020. for the year ended 2020, the sales, purchases and closing inventory are P500,000, P200,000 and PIO,OOO respectively.
Problem 1: What is the amount of cost of goods sold for the year ended 2020?
a. P190,000
b. P790,000
c. P200,000
d. P800,000
Problem 2: what is the gross profit for the entity?
a. P200,000
b. P300,000
c. P310,000
d. P490,000
The remainder is owed by the company at the end of the year. Assuming that Goodson uses accrual accounting, calculate what is their net income for the year
The owner invested P200,000 cash to the business. The business obtained a 12%, one-year, bank loan of P300,000 on October 1, 20x1.
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roberts company sold equipment for 320000 purchased a building for 6850000 sold short-term investments for 350000
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