The following information is available for Grace Company for 2020: Disbursements for purchases P1,050,000; Increase in trade accounts payable 75,000; Decrease in merchandise inventory 30,000; Costs of goods sold for 2010 was P1,155,000. P1,095,000. P945,000.
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- Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1 :P2,000,000; Net purchases : P7,000,000; Inventory - December 31 : P2,800,000; Sales Returns and allowances: P750,000. Gross profit based on net sales is 20%. How much is the gross sales for 2020? A. P7,000,000 B. P7,750,000 C. P8,500,000 D. P9,125,000 E. answer not given1. Selected data for ABC Co. for 2020 are as follows: Decrease in merchandise inventory: P20,000 increase in accounts payable: P50,000 Disbursements for purchases of merchandise: P580,000. How much is the 2020 Cost of goods sold? * a.P510,000 b.P550,000 c.P610,000 d.P650,000 e. answer not given 2. The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020? * a.P210,000 b.P284,000 c.P330,000 d.P404,000 e. answer not given 3.Positivity Company provided the following information on December 31, 2020 ( in their normal balances): Accounts Receivable- 350,000; Accounts payable - 200,000; Accrued Expenses - 150,000; Building in progress - 500,000; Cash in bank - 200,000; Cash surrender value - 150,000; Merchandise Inventory - 580,000; Office equipment…The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the cost of goods sold under accrual basis of accounting. A. P885,000 B. P950,000 C. P925,000 D. P845,000
- The following information is available for Ace Company for 2021: Disbursements for purchases $1,150,000 Increase in trade accounts payable 75,000 Decrease in merchandise inventory 30,000 Costs of goods sold for 2021 was a. P1,255,000. b. P1,195,000. c. P1,105,000. d. P1,045,000.Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.The following information is shown in the accounting records of ToDas Company for the current year 2020. Balances as of Jan 1 Cash 620,000; Accounts receivable 670,000; Inventory 860,000; Accounts Payable 530,000. Balances as of Dec 31 Accounts receivable 900,000; Inventory 780,000; Accounts Payable 480,000. The total sales and cost of goods sold were P7,980,000 and P5,830,000, respectively. All sales and all merchandise purchases were made on credit. Various expenses of P1,070,000 were paid on cash. Assume that there were no other pertinent transactions. The cash balance on December 31, 2020
- The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the net purchases under accrual basis of accounting. A. P985,000 B. P1,050,000 C. P1,025,000 D. P945,000Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold $212,100 Rent expense $30,100 Freight-out 6,010 Sales discounts 7,010 Insurance expense 5,100 Sales returns and allowances 12,010 Salaries and wages expense 55,100 Sales revenue 385,000 Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate Enter the gross profit rate in percentages %Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales discounts & allowances 30,000 Sales returns by customers 20,000 Interest income from bank deposit 20,000 Rental income from vacant premises 60,000 Inventory, at the start of the year 220,000 Gross purchases 700,000 Net freight on purchases during the year 25,000 Purchase discounts and allowances 40,000 Purchases returned to suppliers 50,000 Inventory at the end of the year 160,000
- DJ Company’s net accounts receivable were P250,000 as of December31, 2019, and P300,000 as of December 31, 2020. Net cash sales for 2020were P100,000. The accounts receivable turnover for 2020 was 5.00.What were DJ’s total net sales for 2020? A. P1,500,000B. P1,475,000C. P1,400,000D. P1,375,000Wendy Corp. reported the following data for 2019. Total net sales -P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; REQUIRED: 1. Using cash basis, compute the total income subject to income tax.Ayayai Ltd. had the following 2020 income statement data: Sales $205,600 Cost of goods sold 119,400 Gross profit 86,200 Operating expenses (includes depreciation of $22,400) 48,300 Income before income taxes 37,900 Income taxes 15,000 Net income $22,900 The following accounts increased during 2020 by the amounts shown: Accounts Receivable, $16,000; Inventory, $10,500; Accounts Payable (relating to inventory), $14,000; Taxes Payable, $2,000; and Mortgage Payable, $40,200.