Reference no: EM132728404
Problem 1: The following transactions of Vice Guapo occurred in the order given: (a) Sold merchandise to Darren, P30,000, Terms: 2/15, n/30; FOB Shipping Point, Freight Prepaid; (b) Darren returned defective merchandise with sales price of P1,500; (c) Paid transportation cost for the above sale, P450; (d) After 12 days, collected in full the account of Darren. From the above transactions, what is the amount of net sales to be recognized by Vice Guapo from the sales made to Darren?
Problem 2: The following information were taken from the records of Santa Fe Trading: Sales, P440,000; Total operating expenses, P160,000; Cost of merchandise sold, P200,000; Purchases, P110,000; Purchase returns and allowances, P2,000; Sales returns and allowances, P3,000. Based on the data given, what is the net income of Santa Fe Trading?
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: What is the amount of net sales to be recognized by Vice Guapo from the sales made to Darren? Sold merchandise to Darren, P30,000, Terms: 2/15
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