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On February 14, 2021, Floating Restaurant Company established a sales agency in Mananga. Upon establishment of the sales agency, the home office sent samples costing P8,000 and a working fund of P8,000 to be maintained on the imprest basis. During the six months period, the sales agency reported to the home office sales orders. These were billed at P70,000 of which of P40,000 was collected. The sales agency paid expenses of P5,800 but was reimbursed by the home office.
On August 15, 2021, the sales agency samples were valued at P2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost.
Problem 1: The net income of the sales agency for the six months period is
a. P14,200
b. P16,200
c. P10,200
d. P8,200
Problem 2: The cost of sales of the sales agency for the six months period is
a. P48,000
b. P44,000
c. P42,000
d. P50,000
Financial Statement Analysis and Preparation
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