GIVEN: The balances of accounts of Super Grocery Store for December 31, 2018. The balances are as follows: Inventory, Dec. 31, 2018 - P320,000 Inventory, Jan. 01, 2018 - 230,000 Bad debts expense - 8,000 Depreciation expense - 12,000 Freight- in - 35,000 Freight - out- 24,000 Miscellaneous expense - 5,000 Purchase discounts 17,500 Purchase returns - 8,000 Purchases - 750,000 Rent expense - 41,000 Salaries expense - 135,000 Sales - 930,000 Sales discounts - 15,000 Sales returns - 22,000 Supplies expense - 4,000 Utilities expense - 12,000 Based on the Income Statement that you have prepared, answer the following: 1. How much is net sales? 2. How much is the inventory, end?
GIVEN: The balances of accounts of Super Grocery Store for December 31, 2018. The balances are as follows: Inventory, Dec. 31, 2018 - P320,000 Inventory, Jan. 01, 2018 - 230,000 Bad debts expense - 8,000 Depreciation expense - 12,000 Freight- in - 35,000 Freight - out- 24,000 Miscellaneous expense - 5,000 Purchase discounts 17,500 Purchase returns - 8,000 Purchases - 750,000 Rent expense - 41,000 Salaries expense - 135,000 Sales - 930,000 Sales discounts - 15,000 Sales returns - 22,000 Supplies expense - 4,000 Utilities expense - 12,000 Based on the Income Statement that you have prepared, answer the following: 1. How much is net sales? 2. How much is the inventory, end?
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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