The follo December 20, 20X1CMM delivered 4 boxes of Jared's order.December 25, 20X1CMM delivered additional 3 boxes of Jared's order.December 27, 20X1CMM received P6,000 from Jared as partial payment.December 28, 20X1CMM received 1 box returned by Jared.Given the above information, determine the revenue generated by CMM from thetransaction with Jared.Problem 5: Comprehensive ProblemThe following are taken from the records of ABC Company for the yearended December31, 20X2:DebitCreditSalesP764,985Purchase discount8,200Purchase returns and allowances5,465Purchases459,990Freight-in9,180Sales discount13,300Sales returns and allowances5,455Depreciation expense25,000Amortization expense10,000Salaries expense80,000Utilities expense55,000Advertising expense35,000Rent expense60,000Interest income5,444Interest expense5,677Gain on sale of PPE5,465Bad debts expense???Based on actual physical count, inventory balance are as follows:January 1, 20X2P25,455December 31, 20x2P20,765Bad debts expense is 4% of net sales. Classify the bad debt expense as a general andadministrative expense.1. Determine the following:a.Net salesb.Net purchases

Net sales are calculated by taking the gross sales and then subtracting the discounts, returns, and…

Problem 5: Comprehensive Problem The following are taken from the records of ABC Company for the yearended December 31, 20X2: Debit Credit Sales P764,985 Purchase discount 8,200 Purchase returns and allowances 5,465 Purchases 459,990 Freight-in Sales discount Sales returns and allowances 9,180 13,300 5,455 Depreciation expense Amortization expense 25,000 10,000 Salaries expense 80,000 Utilities expense Advertising expense Rent expense 55,000 35,000 60,000 Interest income Interest expense 5,444 5,677 Gain on sale of PPE 5,465 Bad debts expense Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales Net purchases

Problem 5: Comprehensive Problem The following are taken from the records of ABC Company for the yearended December 31, 20X2: Debit Credit Sales P764,985 Purchase discount 8,200 Purchase returns and allowances 5,465 Purchases 459,990 Freight-in Sales discount Sales returns and allowances 9,180 13,300 5,455 Depreciation expense Amortization expense 25,000 10,000 Salaries expense 80,000 Utilities expense Advertising expense Rent expense 55,000 35,000 60,000 Interest income Interest expense 5,444 5,677 Gain on sale of PPE 5,465 Bad debts expense Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales Net purchases

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 12MC: On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received...

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