Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution.• The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses:Delivery Expense P15,000Salary Expense P30,000Miscellaneous Expense P25,000Utilities Expense P10,000The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,0001. Compute for the following:a. Cost of salesb. Gross profit c. Operating Expensesd. Operating Profit/Losse. Other Incomef. Other Expenseg. Net Profit/Loss x x Y M b b* 0 7 l 63% 5:09 PM...BM QUARTER 2...DATE OF SUBMISSION:(Page 1)V. ASSESSMENTPost TestDirection : Read and analyze the given situation below andwrite the answers for each question on your answer sheet. Don'tforget your solution.The Excelsior Merchandising purchased merchandise costingP250,000.00 for the month of October. It paid P10,000 forfreight (transportation) for the shipment of the goods from theseller to its store. It insured the merchandise for P25,000. It soldthe merchandise for P420,000. For the current month, itincurred the following expenses:Delivery ExpenseSalary ExpenseMiscellaneous ExpenseUtilities ExpenseP15,000P30,000P25,000P10,000The firm earned interest on the promissory notes of itscustomer amounting to P12,000. It paid interest to the bank on aloan it took amounting to P8,0001. Compute for the following:a. Cost of salesb. Gross profitc. Operating Expensesd. Operating Profit/Losse. Other Incomef. Other Expenseg. Net Profit/Loss(Page 11)...

Cost of Sales: It represents the cost of manufacturing the service or goods sold. It is also known…

Answered: Compute for the following: a. Cost of…

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5.6EX

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Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/Loss

x x Y M b b
* 0 7 l 63% 5:09 PM
...
BM QUARTER 2...
DATE OF SUBMISSION:
(Page 1)
V. ASSESSMENT
Post Test
Direction : Read and analyze the given situation below and
write the answers for each question on your answer sheet. Don't
forget your solution.
The Excelsior Merchandising purchased merchandise costing
P250,000.00 for the month of October. It paid P10,000 for
freight (transportation) for the shipment of the goods from the
seller to its store. It insured the merchandise for P25,000. It sold
the merchandise for P420,000. For the current month, it
incurred the following expenses:
Delivery Expense
Salary Expense
Miscellaneous Expense
Utilities Expense
P15,000
P30,000
P25,000
P10,000
The firm earned interest on the promissory notes of its
customer amounting to P12,000. It paid interest to the bank on a
loan it took amounting to P8,000
1. Compute for the following:
a. Cost of sales
b. Gross profit
c. Operating Expenses
d. Operating Profit/Loss
e. Other Income
f. Other Expense
g. Net Profit/Loss
(Page 11)
...

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