A company recorded the following expenses at the end of the current year: Decrease in inventory P300,000 Transportation out 40,000 Depreciation 170,000 Purchases 800,000 Finance cost 20,000 Salaries 130,000 Freight in 30,000 Purchase discount 140,000 Sales 2,500,000 Loss on sale of equipment 10,000 Gain on sale of investment 30,000 14. What amount should be reported as cost of goods sold of the company? a. P690,000 b. P990,000 c. P390,000 d. P970,000 15. What amount should be reported as income by the company? a. P1,170,000 b. P1,190,000 c. P1,770,000 d. P1,470,000

Q: FORTEN COMPANY Income Statement For Current Year Ended December 31 $ 642,500 297,000 345,500 Sales…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Duke Company’s records show the following account balances at December 31, 2018:Sales…

A: Net income:   Net income is the total income of the company calculated after deducting its expenses…

Q: Bacolod Co. reported the following Net Income: 650,000 500,000 300,000 The following are the…

A: An overstatement of income or expense for a period has direct effect on the net income of that…

Q: Make the single step and multi-step statement of the following.       Sales 417,500…

A: Income Statement (Single-step) Particulars Amount Sales  417,500 Add: Gains on disposal of…

Q: The income statement for Shamrock Traveler Company shows cost of goods sold $312,900 and operating…

A: Given the following information: Cost of goods sold: $312,900 Operating expenses (exclusive of…

Q: A company's income statement showed the following: net income, $134,000; depreciation expense,…

A:

Q: Taft Technologies has the following relationships: annual sales $1,200,000 current liabilities…

A: On a balance statement, total current assets refers to the total amount of cash, receivables,…

Q: Given the following information for Blue Bell Company for last year: Net sales (all on account)…

A: Average Inventory = Opening Inventory + Closing Inventory 2…

Q: The Weymire Corporation provides you with the following information for the year ended 123120: Sales…

A:

Q: The company recorded a net loss of P185,000 for the year just ended. Total operating expenses was…

A: Gross profit = net income(loss) + Total operating expenses  Net sales = Gross profit + cost of sales…

Q: Tulip Company provided the following information for the current year: Sales 9,500,000 250,000…

A:

Q: Joyner Company’s income statement for Year 2 follows:   Sales $ 705,000 Cost of goods sold 92,000…

A: Statement of cash flows forms a part of financial statement of the entity and is prepared with a…

Q: T. P. Jarmon Company, Income Statement for the Year Ended 12/31/2018 Sales (all credit) $ 600,000…

A: It is the summary statement that shows the cash and cash equivalent's inflow and outflow as a result…

Q: Presented below is information related to Sheffield Corp. for the year 2020. Net sales $1,456,000…

A: An income statement is a report prepared and maintained by the business in order to understand the…

Q: ABC company recorded a net loss of P215,000 for the year just ended. Total operating expenses was…

A: Gross profit = net income(loss) + Total operating expenses  Net sales = Gross profit + cost of sales…

Q: Mesflo Enterprise, Income Statement For the Year Ended 31t December, 2020 Sales $442 500 Cost of…

A: Cash Flow Statements: It is a part of  financial statement that shows  how company is generated cash…

Q: Compute the amount of cash collected from customers.   Compute the amount of cash paid for…

A: Cash flow analysis is important for the business since it allows the business to assess the amount…

Q: he income statement for Splish Traveler Company shows cost of goods sold $307,000 and operating…

A: Cost of goods sold= Change in Finished goods + Purchases  Cash paid for operating expenses = Total…

Q: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution…

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization…

Q: Company E Income Statement For the Year ended December 31, 20Y1 Sales $5,254,000 Cost of merchandise…

A: Net other expenses and income means other expenses less other income

Q: Presented below is information related to Bramble Corp. for the year 2020. Net sales   $1,378,000…

A: Income statement which categorized income and expenses into operating and non-operating expenses is…

Q: Hanggang Dito Na Lang Company reported the following information for the current year: Sales…

A: Gross margin = sales - cost of goods sold Income from continuing operations = Gross margin -…

Q: MOWGLI Company provided the following information for the year ended December 31, 2021. 125,000…

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization…

Q: Oriole Ltd. reported the following for the fiscal year 2021: ORIOLE LTD. Income Statement Year Ended…

A: Cash flow statement records the cash inflows and cash outflows of the company. Cash flow statement…

Q: Taft Technologies has the following relationships: annual sales $1,200,000 current liabilities…

A: The total current assets consist of cash, inventories, and accounts receivables. The inventory…

Q: Princeton Corp. reported the following amounts on their financial statements for Year 1, Year 2, and…

A: Overstated: This term shall mean that the account balance of a particular item is recorded at a…

Q: The following additional financial data was also available as at 31/12/2021: Inventory value…

A: 1. Income Statement 2. Balance Sheet   The first statement shows the income earned and loss incurred…

Q: Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of…

A: Gross profit is the difference between Sales and cost of goods sold.

Q: Given the following information for Blue Bell Company for last year: Net sales (all on account)…

A: Debt to Asset ratio = Total debt / Total assets Given Total assets = $2,400,000 Assets = Debt +…

Q: The Callie Company has provided the following information: Operating expenses were $231,000; Cost of…

A: Formula: Gross profit = Net sales - cost of goods sold Deduction of cost of goods sold from Net…

Q: net income for the second quarter

A: Annual depreciation (for 12 months) P1,200,000 Depreciation expense for 3 months in the second…

Q: 1. Prepare a case basis income statement.

A: The Income Statement are prepared either in Cash basis or accrual basis . If its Cash basis then…

Q: Illini Inn Condensed Income Statement For the year ended December 31, 20X2 Sales $1,600,000 200,000…

A: Cash flow statement means the statement which shows the cash flow in or out of business…

Q: A company reports the following data: Interest expense $10,000 Cost of goods sold…

A: Non-cash expense: Non-cash expense refers to the expenses which are not paid by cash but the…

Q: The income statement for Jones Company showed cost of goods sold of $80,000 and operating expenses…

A: The income statement is the financial statement used for reporting the financial performance of the…

Q: A company has, among other things, the following items in its annual report: Net sales SEK…

A: Capital turnover rate is calculated as net sales divided by capital employed.

Q: Illini Inn Condensed Income Statement For the year ended December 31, 20X2 Sales $1,600,000 200,000…

A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…

Q: The income statement of Orange Company showed the following figures: Revenues 750,000 Cost of Goods…

A: EBITDA = Operating income + Interest expense + Annual Depreciation where, Annual depreciation on…

Q: The company recorded a net loss of P175,000 for the year just ended. Total operating expenses was…

A: Gross sales are the total of sale transactions before discount, sales return and sales allowance.

Q: Accrual Basis Income Statement for the Year Ended December 31, 2012. Net sales $900,000 Expenses…

A: We have the following information: Net sales $900,000 Cost of goods sold 550,000 Selling and…

Q: Make the single step statement of the following. Sales  417,500 Cost of goods sold 210,000…

A: Formula: Net Income = Total revenues - Total expenses.

Q: Given the following information for Blue Bell Company for last year: Net sales (all on account)…

A: Average common stockholders equity = ( beginning common stockholders equity + ending common…

Q: The following information pertains to Guy's Gear Company: Sales $77,000 Expenses: Cost of Goods Sold…

A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…