Need answers please help PROBLEM 22. The total sales of Rona Department Store during the month of December were P5,976,418.12. The cost of goods during themonth was P2,324,080.25.The expenses were as follows:Salaries and wages P170,910.83Rent P350,000.00Light and Water Bills P418,265.34> Miscellaneous Expenses P120,450.25Some sales merchandise returns amounted to P1,480,980.00Question: Find the following: a.) Gross Profit b.) Operating Expenses c.) net profit for the month of December, 2020. 1. Answer the given questions in proper manner, meaning computerize, showing the given data, solution and box your final answers.2. Submit your answers in the Drop Box, on your School Book.PROBLEM 11. On August 1, the merchandise inventory of Idggy Tires and Battery Shop was P165,256.13 and its purchases after that dateamounted to P110,901.45. On September 30, the shop inventory was P98,542.63.Question: How much goods were sold? Show your proper solution, computerized and box your final answer.

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PROBLEM 1 1. On August 1, the merchandise inventory of Idggy Tires and Battery Shop was P165,256.13 and its purchases after that date amounted to P110,901.45. On September 30, the shop inventory was P98,542.63. Question: How much goods were sold? Show your proper solution, computerized and box your final answer

PROBLEM 1 1. On August 1, the merchandise inventory of Idggy Tires and Battery Shop was P165,256.13 and its purchases after that date amounted to P110,901.45. On September 30, the shop inventory was P98,542.63. Question: How much goods were sold? Show your proper solution, computerized and box your final answer

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 1PA: Sage Learning Centers was established on July 20, 2016, to provide educational services. The...

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Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
ACTIVITY. On February 1, 20A4, Mira Delamar opened a store that sells school supplies. Mira wanted to know the results of opening the store. Mira knew you were studying accounting so she asked for your help. The following were taken from the accounting records of Mira’s Store. Balance Debit Credit Sales ₱114,567 Sales return 1,544 Sales discount 1,675 Purchases 61,558 Purchase return 504 Purchase discount 1,076 Freight-in 765 Utilities expense 4,000 Salaries Expense 14,000 Rent expense 10,000 Depreciation 500 Additional Information: a. Physical inventory conducted at the end of the year revealed an ending inventory of ₱15,345. b. Depreciation is for shelves and cabinets used as displays racks and storage in the store. c. Mira has a small office inside the store. Allocate 15% of rent and utilities to…
ACTIVITY. On February 1, 20A4, Mira Delamar opened a store that sells school supplies. Mira wanted to know the results of opening the store. Mira knew you were studying accounting so she asked for your help. The following were taken from the accounting records of Mira’s Store. Balance Debit Credit Sales ₱114,567 Sales return 1,544 Sales discount 1,675 Purchases 61,558 Purchase return 504 Purchase discount 1,076 Freight-in 765 Utilities expense 4,000 Salaries Expense 14,000 Rent expense 10,000 Depreciation 500 Additional Information: a. Physical inventory conducted at the end of the year revealed an ending inventory of ₱15,345. b. Depreciation is for shelves and cabinets used as displays racks and storage in the store. c. Mira has a small office inside the store. Allocate 15% of rent and utilities to general administrative expense. d. 25% of Emily’s Salaries are allocated to General and Administrative Expense. Aside from tending the store, she was also tasked to file receipts and…
On February 1, 20Z1, Mira Delamar opened a store that sells school supplies. Mira wanted to know the results of operating the store. The following were taken from the accounting records of Mira's Store. Balance Debit Credit Sales - 114,567 Sales return - 1,544 Sales discount - 1,675 Purchases - 61,558 Purchase return - 504 Purchase discount - 1,076 Freight - in - 765 Utilities expense - 4,000 Salaries expense - 14,000 Rent expense - 10,000 Depreciation - 500
ACTIVITY. On February 1, 20A4, twilight opened a store that sells school supplies. Twilight wanted to know the results of opening the store. Twilight a knew you were studying accounting so she asked for your help. The following were taken from the accounting records of twilight’s Store. Balance Debit Credit Sales ₱114,567 114,567 Sales return 1,544 1,544 Sales discount 1,675 1,675 Purchases 61,558 61,558 Purchase return 504 504 Purchase discount 1,076 1,076 Freight-in 765 765 Utilities expense 4,000 4,000 Salaries Expense 14,000 14,000 Rent expense 10,000 10,000 Depreciation 500 500 Total: 210,189 94,042 116,147 Additional Information: Physical inventory conducted at the end of the year revealed an ending inventory of ₱15,345. Depreciation is for shelves and cabinets used as displays racks and storage in the store. Mira has a…
On February 1, 20Z1, Mira Delamar opened a store that sells school supplies. Mira wanted to know the results of operating store. The following were taken from the accounting records of Mira's store. Balances Debit Credit Sales - 114, 576 Sales return - 1,544 Sales discount - 1,675 Purchases - 61,558 Purchase return - 504 Purchase discount - 1,076 Freight-in - 765 Utilities expense - 4,000 Salaries expense - 14,000 Rent expense - 10,000 Depreciation - 500 Additional Information : a.) Physical inventory conducted at the end of the year revealed an ending inventory of P15, 345 b.) Depreciation is for shelves and cabinets used to display racks and storage in the store c.) Mira has a small office inside the store. Allocate 15% of rent and utilities to general and administrative expense d.) 25% Of Emily's salaries are allocated to General and Administrative Expense. Aside from tending the store, she was also tasked to file receipts and maintain some records.…
(Learning Objectives 1, 2, 3, 4, 5: Apply GAAP for proper revenue recognition;account for sales allowances; account for sales discounts; account for accounts receivable;write off account; estimate uncollectible account expense)Bowerston Variety Store had the following balances as of November 1:Accounts Receivable $5,100Allowance for Uncollectible Accounts $360The following selected transactions occurred at Bowerston Variety Store during the month ofNovember:November 3 Sold $300 of merchandise to Martino’s Inc., which paid for the items in cash.The items cost Bowerston $120.Sold $600 of merchandise to Liberty Co., which paid by credit card. The creditcard company charges Bowerston a fee of 2% on credit card sales. Bowerston’scost of this merchandise was $245.November 5Sold $900 of merchandise to Black River Inc., on account. Terms were 2/10,net 30. Bowerston’s cost of this merchandise was $387.November 12November 18 Willow Creek reported that some of the merchandise received was in a…
E1-6 Analyzing Revenues and Expenses and Preparing an Income Statement Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January 2014, you find (for January only) this information: Sales, per the cash register tapes, of $150,000, plus one sale on credit (a special situation) of $2,500. With the help of a friend (who majored in accounting), you determine that all of the goods purchased during January cost $90,000 to purchase. You have $20,000 left in inventory. During the month, according to the checkbook, you paid and consumed $37,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $900 monthly utilities for January on the store and fixtures. Required: On the basis of the data given (disregard income taxes), what was the amount of net income for January? Show computations. (Hint: A convenient form to use has the following major side captions: Revenue from Sales,…
E1-6 Analyzing Revenues and Expenses and Preparing an Income Statement Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January 2014, you find (for January only) this information: Sales, per the cash register tapes, of $150,000, plus one sale on credit (a special situation) of $2,500. With the help of a friend (who majored in accounting), you determine that all of the goods purchased during January cost $90,000 to purchase. You have $20,000 left in inventory. During the month, according to the checkbook, you paid and consumed $37,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $900 monthly utilities for January on the store and fixtures. Required: On the basis of the data given (disregard income taxes), what was the amount of net income for January? Show computations. (Hint: A convenient form to use has the following major side captions: Revenue from Sales,…
(Learning Objectives 1, 2: Apply GAAP for proper revenue recognition; accountfor sales returns and allowances) Dearborn Industries sells to wholesalers. Customers mustpay within 15 days or at the point of sale using a credit card. Dearborn’s cost of goods sold is35% of sales. The company had the following selected transactions during March:March 3 Sold $25,000 of merchandise to Greenleaf Company on account.Sold $4,000 of merchandise to Yardley Corp., who paid by credit card. The creditcard company charges Dearborn a fee of 2% on credit card sales.March 4March 15 Greenleaf Company paid the balance of what it owed for the purchase on March 3.March 19 Sold $12,000 of merchandise to Zurich Co. on account.March 21 Zurich reported that some of the merchandise received was scratched and returned$500 worth of merchandise to Dearborn.March 23 Sold $38,000 of merchandise to Niles Co. on account.March 25 Zurich paid the balance of what it owed for the purchase on March 19.March 31 Dearborn made…
E5-13A. (Learning Objectives 1, 2: Apply GAAP for proper revenue recognition; accountfor sales allowances) Lakewood Jewelry sells to retailers who then resell the products.Lakewood does not offer sales discounts for early payment; it asks that customers pay infull within 15 days or at the point of sale with a credit card. The company had the followingselected transactions during July:July 2July 3July 16July 17July 19July 30Sold $50,000 of merchandise to Oceanside Jewels on account.Sold $10,000 of merchandise to Brilliant Crystals, which paid by credit card.The credit card company charges Lakewood a fee of 2% on credit card sales.Oceanside Jewels paid the balance of what it owed for the purchase on July 2.Sold $65,000 of merchandise to Precious Stones on account.Precious Stones noticed that some of the merchandise received was damaged, so itreturned $5,000 worth of merchandise to Lakewood.Precious Stones paid the balance of what it owed for the purchase on July 17.Requirements1.…
(Learning Objectives 1, 2: Apply GAAP for proper revenue recognition; accountfor sales returns and allowances) Treno Industries sells to wholesalers. Customers must paywithin 15 days or at the point of sale using a credit card. Treno’s cost of goods sold is 40% ofsales. The company had the following selected transactions during March:March 3 Sold $15,000 of merchandise to Whittier Company on account.Sold $2,000 of merchandise to Yeller Corp., who paid by credit card. The creditcard company charges Treno a fee of 2% on credit card sales.March 4March 15 Whittier Company paid the balance of what it owed for the purchase on March 3.March 19 Sold $22,000 of merchandise to Zucca Co. on account.March 21 Zucca reported that some of the merchandise received was scratched and returned$1,000 worth of merchandise to Treno.March 23 Sold $32,000 of merchandise to Nichols Co. on account.March 25 Zucca paid the balance of what it owed for the purchase on March 19.March 31 Treno made the adjusting…