Learning Task 2.1: SCI PreparationAccount titlesBalanceAccount titlesBalanceSales returnP 5,555SalesP 800,050PurchasesPurchase return andallowancesSales discount13,300470,65020,000Depreciation ExpenseAmortization Expense5.46510,500Gain on sale of PPE5,500Advertising Expense35,000Interest Income4,2562% of Purchases Freight OutSalaries ExpenseRent ExpensePurchase discount4,2759,080Freight InUtilities Expense55,0004,57080,00060,000Decrease in InventoryBad Debts3% of gross salesAdditional information:a) Depreciation of P5,000 is for computer equipment used in the Sales Department.b) Amortization is attributed to office leasehold improvements.c) 30% of salaries are attributed to office personnel.d) Utilities for the store represents 70% of utilities expense.e) Rent for the office spaceis P20,000Requirements: Determine the following:1) Net sales2) Net Purchases3) Cost of Goods Sold4) Bad Debts Expense5) Function of Step SCI

Name: Learning Task 2.1: SCI PreparationAccount titlesBalanceAccount titles
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Description: Learning Task 2.1: SCI PreparationAccount titlesBalanceAccount titlesBalanceSales returnP 5,555SalesP 800,050PurchasesPurchase return andallowancesSales discount13,300470,65020,000Depreciation ExpenseAmortization Expense5.46510,500Gain on sale of PP

Hi student Since there are multiple questions, we will answer only first three subparts.

Business

Accounting

Account titles Balance Account titles Balance P 5,555 13,300 Sales retum Sales P 800,050 Purchases Purchase return and allowances Sales discount 470,650 20,000 Depreciation Expense Amortization Expense Advertising Expense Purchase discount 5,465 10,500 35,000 2% of Purchases Freight Out Gain on sale of PPE 5,500 Interest Income 4,256 4,275 9,080 Salaries Expense Freight In Utilities Expense Decrease in Inventory 80,000 60,000 3% of gross sales 55,000 Rent Expense 4,570 Bad Debts Additional information: a) Depreciation of P5,000 is for computer equipment used in the Sales Department. b) Amortization is attributed to office leasehold improvements. c) 30% of salaries are attributed to office personnel. d) Utilities for the store represents 70% of utilities expense. e) Rent for the office space is P20,000 Requirements: Determine the following: 1) Net sales 2) Net Purchases 3) Cost of Goods Sold Dabte Exn onse

Account titles Balance Account titles Balance P 5,555 13,300 Sales retum Sales P 800,050 Purchases Purchase return and allowances Sales discount 470,650 20,000 Depreciation Expense Amortization Expense Advertising Expense Purchase discount 5,465 10,500 35,000 2% of Purchases Freight Out Gain on sale of PPE 5,500 Interest Income 4,256 4,275 9,080 Salaries Expense Freight In Utilities Expense Decrease in Inventory 80,000 60,000 3% of gross sales 55,000 Rent Expense 4,570 Bad Debts Additional information: a) Depreciation of P5,000 is for computer equipment used in the Sales Department. b) Amortization is attributed to office leasehold improvements. c) 30% of salaries are attributed to office personnel. d) Utilities for the store represents 70% of utilities expense. e) Rent for the office space is P20,000 Requirements: Determine the following: 1) Net sales 2) Net Purchases 3) Cost of Goods Sold Dabte Exn onse

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare SCI using multi-step approach
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Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
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