Reference no: EM133178423
Question 1 - The following data was taken from the ledger account balances and supplementary data for the XYZ Company.
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Merchandise inventory, beginning
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Php 20,000
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Merchandise inventory, ending
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23,000
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Purchases
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215,000
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Purchase discount
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6,000
|
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Purchases returns and allowances
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3,000
|
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Sales
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400,000
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Sales discounts
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3,200
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Sales returns and allowances
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1,800
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Freight-in
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10,000
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Required -
A. Computation, in proper format, of net sales.
B. Computation, in proper format, of cost of goods.
C. Computation, in proper format, of gross profit for the year ended December 31, 2016.
Question 2 - Listed below are some of the accounts relating to the income of the Leather Plus (owned by Abner Bravo) for the three month period March 31, 2016.
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Sales
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500,000
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Merchandise Inventory, beginning
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170,100
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Sales Returns and Allowances
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15,000
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Merchandise Inventory, ending
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165,000
|
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Sales Discounts
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7,800
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Purchase Discounts
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1,800
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Purchases
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302,000
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Freight-in
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5,000
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Purchase Returns and Allowances
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4,900
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Rental Expense
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5,000
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Supplies Expense
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1,200
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Delivery Expense
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2,100
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Salaries Expense
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18,000
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Utilities Expense
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8,000
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Required -
A. Prepare a schedule of cost of goods for the three-month period ended March 31, 2016.
B. Prepare a statement of income for the period ended March 31, 2016.
C. Prepare closing entries.