21/3050%PROBLEN S-10The following balances have been eROerpted from Argon's financlal statemefor the yearJanuary 1200,000300,000Dec. 31250,000100,0001,120,00020,00010,000100,000Accounts recelvahleNotes recelvableCash recetved from custormersSal returns and allowancesSales discountsMerchandise inventoryAccounts payableNotes payablePurchase returns and allowancesPurchase discountsPayments to suppliersAccrued rent receivableUnearned rent incomeCollection of rentPrepaid salariesAccrued salaries payablePayment of salaries200,00050,000100.000 75.00025,00040,00010,000650,00040,00040,000480,000125,00050,000350,00070,00080,000100,00075,000Questions: Determine the following:1. The gross sales for the year.a P1,000,000b. P1,030,000c. P970,000d. P1,240,0002 The net purchases for the year.P650,000b. P600,000e P550.000d. P500,000a.3. The gross income for the yearP300,000b. P350,000E P270,000d. P320,000a.4.The salaries expense for the year.C P350,000d. P450,000a.P400,000b P300,000Scanned with CamScannerChapter 5-Cash and Accrual Basis5 The rent income for the year.a P470,000b P490,000c. P460,000d. P500,000PROBLEM 5-11The following balances have been excerpted from Potassium's Statement ofFinancial Position for the year 2018:

Sales and purchases are an integral of every organization. Both Sales and Purchases can be done by…

Questions: Determine the following: 1. The gross sales for the year. a P1,000,000 b. P1,030,000 2 The net purchases for the year. a. P650,000 b. P600,000 C P970,000 d. P1,240,000 C P550,000 d. P500,000 3. The gross income for the year. a P300,000 b P350,000 E P270,000 d. P320,000 4. The salaries expense for the year. P400,000 b P300,000 C P350,000 d. P450,000

Questions: Determine the following: 1. The gross sales for the year. a P1,000,000 b. P1,030,000 2 The net purchases for the year. a. P650,000 b. P600,000 C P970,000 d. P1,240,000 C P550,000 d. P500,000 3. The gross income for the year. a P300,000 b P350,000 E P270,000 d. P320,000 4. The salaries expense for the year. P400,000 b P300,000 C P350,000 d. P450,000

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

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

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

Chapter10: Current Liabilities And Payroll

Section: Chapter Questions

Problem 10.23EX

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