lo test your knowledge of the relationships of these items, insert the missing figures in the following income statement. Note that gross profit is 40% of net sales and profit is 10% of net sales. Net Sales Gross Sales P Less: Sales Returns & Allowances P45,000 15,000 Sales Discounts Net Sales P Cost of Goods Sold P220,000 Inventory, Jan. 1, 2018 Purchases P985,000 Less: Purchases Returns & Allowances P31,000 Purchases Discounts 20,000 Net Purchases Transportation-In 36,000 Net Cost of Purchases Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2018 260,000 Cost of Goods Sold · Gross Margin from Sales Operating Expenses Profit P620,000 REQUIRED: Complete the missing elements by showing your supporting computations. (No need to prepare the income statement.) What should be the amount of the following? a) Gross Sales b) Total of contra-sales accounts c) Net Sales

lo test your knowledge of the relationships of these items, insert the missing figures in the following income statement. Note that gross profit is 40% of net sales and profit is 10% of net sales. Net Sales Gross Sales P Less: Sales Returns & Allowances P45,000 15,000 Sales Discounts Net Sales P Cost of Goods Sold P220,000 Inventory, Jan. 1, 2018 Purchases P985,000 Less: Purchases Returns & Allowances P31,000 Purchases Discounts 20,000 Net Purchases Transportation-In 36,000 Net Cost of Purchases Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2018 260,000 Cost of Goods Sold · Gross Margin from Sales Operating Expenses Profit P620,000 REQUIRED: Complete the missing elements by showing your supporting computations. (No need to prepare the income statement.) What should be the amount of the following? a) Gross Sales b) Total of contra-sales accounts c) Net Sales

Name: Give the missing amounts. GLOBE0190% O 9:59SMART Prepaidl l WTest II (
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Description: Give the missing amounts. GLOBE0190% O 9:59SMART Prepaidl l WTest II (Problem Solving) MPROBLEM:To test your knowledge of the relationships of these items, insert the missing figures inthe following income' statement. Note that gross profit is 40% of

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
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