Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
An entity has the following accounting information for the year:
Sales 400,000
Purchases 90,000
Opening Inventory 30,000
Sales Returns 80,000
Purchases Returns 70,000
Transportation In 40,000
Transportation Out 10,000
Salaries 9,000
Other Revenues 4,000
General Expenses 7,000
Gross Profit 250,000
Problem 1: What is the amount of net sales of the entity?
a. P260,000 c. P280,000
b. 320,000 d. P330,000
Problem 2: What is the amount of net purchases of the entity?
a. P20,000 c. P50,000
b. 30,000 d. P60,000
Problem 3: What is the amount of closing inventory of the entity?
a. P10,000 c. P20,000
b. 30,000 d. P40,000
Problem 4: What is the amount of profit for the year?
a. P48,000 c. P198,000
b. 188,000 d. P228,000
Problem 5: Which of the following is/are not relevant to the calculation of net sales?
1. cash sales
2. sales returns
3. sales discounts
a. (2) only c. (1) and (2) only
b. (3) only d. (2) and (3) only
A partnership has the following accounting amounts: Partnership net income (loss) is
Before identifying costs in a new business, it is necessary to calculate revenue. All costs will be based on your anticipated revenue because costs are generate
donna is an attorney who renders volunteer legal services to a legal aid society which provides legal advice to
A plant manager recently made the following statement at a team meeting: 'No bean counter knows enough about my responsibilities to be of any use to me. As a management accountant, provide a suitable reply to the plant manager
A county government wishes to undertake budgeting based on how effective business units are. How can the county apply data analytic approaches to attain goal?
Make the adjusting entry for the inventory shrinkage for Zurich Company for the year ended August 31, 2012
Discuss and contrast job-order and process costing systems. How can events in a job-order costing system affect financial statements?
The unpaid balance plus accrued interest, cost of advertisement and expenses of auction sale is P450,000. Who among the following bidders is the highest bidder?
What is the value of software? Give several examples of software you use at school or home.
Prepare a statement of revenues, expenditures, and changes in net fund balance in which you compare actual and budgeted amounts
A company's January 1 goods in process inventory contained 30,000 units, Calculate the equivalent units of production for the year
Identify the accounts that are added to or deducted from purchases to determine the cost of goods purchased under a periodic system.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd