Problem #1: On June 30, 2020, PSA Trading Co. has the following information: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost P 14,600; rent is P8,000; light

Problem #1: On June 30, 2020, PSA Trading Co. has the following information: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost P 14,600; rent is P8,000; light

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.3DC: Comparing Two Companies in the Same Industry: Chipotle and Panera Bread This case should be...

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Question

Topic: identifying profit or loss to generate the overall report on the activity of the business. Direction: solve the problem given below (please refer to the picture)

1. OBJECTIVES:
1.Prepare a simple income statement for a trading firm
II.TOPIC: Identifying Profit or Loss to Generate the Overall Report on the Activity of the Business
III.Directions: Solve the problem given below:
Problem #1: On June 30, 2020, PSA Trading Co. has the following information: revenue from sales is
P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost P 14,600; rent is P8,0003; light
and water expenses are P7,550 and miscellaneous expenses are P9,520.Generate an income statement
and find:
a. Gross Profit
b. Net Profit or Loss
Problem #2: AMA cooperative store had the following activities for year ended 2021: gross sales
amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and
refunds for defective goods amounted to P26,497.15. Generate an income statement and ftnd:
a. Net Sales
b. Gross Profit
c. Net Profit

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