You were able to gather the following in connection with our audit of the TMC Corporation for the year ended December 31, 2021. Jan 1, 2021Dec 31, 2021Accounts Receivable6,400,0004,000,000Unpaid Merchandise invoices?2,621,000Accrued Wages85,000125,000Advertising supplies inventory35,00075,000Accrued advertising expense14,25040,000Prepaid Insurance25,0000Unexpired insurance041,000 During the year:Amount collected from customers, P10,000,000Total payments to suppliers of merchandise 13,618,000Total payments to suppliers of merchandise of prior years 4,632,000Salaries paid 3,050,000Advertising paid which includes 40,000 applicable in 2022, 300,000Insurance premium paid, P125,000Questions:1. Net Sales for 20212. Net purchases for 20213. Salaries expense for 20214. Advertising expense for 20215.Insurance expense for 2021

Computation of cash flow and relevant notes/entries is essential to get a clear picture of your…

Answered: Sales | bartleby

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

You were able to gather the following in connection with our audit of the TMC Corporation for the year ended December 31, 2021.

	Jan 1, 2021	Dec 31, 2021
Accounts Receivable	6,400,000	4,000,000
Unpaid Merchandise invoices	?	2,621,000
Accrued Wages	85,000	125,000
Advertising supplies inventory	35,000	75,000
Accrued advertising expense	14,250	40,000
Prepaid Insurance	25,000	0
Unexpired insurance	0	41,000