Learning Task 2.1: SCI PreparationAccount titlesBalanceAccount titlesBalanceSales returnP 5,555SalesP 800,050PurchasesPurchase return andallowancesSales discount13,300470,65020,000Depreciation ExpenseAmortization Expense5.46510,500Gain on sale of PPE5,500Advertising Expense35,000Interest Income4,2562% of Purchases Freight OutSalaries ExpenseRent ExpensePurchase discount4,2759,080Freight InUtilities Expense55,0004,57080,00060,000Decrease in InventoryBad Debts3% of gross salesAdditional information:a) Depreciation of P5,000 is for computer equipment used in the Sales Department.b) Amortization is attributed to office leasehold improvements.c) 30% of salaries are attributed to office personnel.d) Utilities for the store represents 70% of utilities expense.e) Rent for the office spaceis P20,000Requirements: Determine the following:1) Net sales2) Net Purchases3) Cost of Goods Sold4) Bad Debts Expense5) Function of Step SCI

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Description: Learning Task 2.1: SCI PreparationAccount titlesBalanceAccount titlesBalanceSales returnP 5,555SalesP 800,050PurchasesPurchase return andallowancesSales discount13,300470,65020,000Depreciation ExpenseAmortization Expense5.46510,500Gain on sale of PP

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Business

Accounting

Account titles Balance Account titles Balance P 5,555 13,300 Sales retum Sales P 800,050 Purchases Purchase return and allowances Sales discount 470,650 20,000 Depreciation Expense Amortization Expense Advertising Expense Purchase discount 5,465 10,500 35,000 2% of Purchases Freight Out Gain on sale of PPE 5,500 Interest Income 4,256 4,275 9,080 Salaries Expense Freight In Utilities Expense Decrease in Inventory 80,000 60,000 3% of gross sales 55,000 Rent Expense 4,570 Bad Debts Additional information: a) Depreciation of P5,000 is for computer equipment used in the Sales Department. b) Amortization is attributed to office leasehold improvements. c) 30% of salaries are attributed to office personnel. d) Utilities for the store represents 70% of utilities expense. e) Rent for the office space is P20,000 Requirements: Determine the following: 1) Net sales 2) Net Purchases 3) Cost of Goods Sold Dabte Exn onse

Account titles Balance Account titles Balance P 5,555 13,300 Sales retum Sales P 800,050 Purchases Purchase return and allowances Sales discount 470,650 20,000 Depreciation Expense Amortization Expense Advertising Expense Purchase discount 5,465 10,500 35,000 2% of Purchases Freight Out Gain on sale of PPE 5,500 Interest Income 4,256 4,275 9,080 Salaries Expense Freight In Utilities Expense Decrease in Inventory 80,000 60,000 3% of gross sales 55,000 Rent Expense 4,570 Bad Debts Additional information: a) Depreciation of P5,000 is for computer equipment used in the Sales Department. b) Amortization is attributed to office leasehold improvements. c) 30% of salaries are attributed to office personnel. d) Utilities for the store represents 70% of utilities expense. e) Rent for the office space is P20,000 Requirements: Determine the following: 1) Net sales 2) Net Purchases 3) Cost of Goods Sold Dabte Exn onse

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.1MBA

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