Taxes and Licenses (General) 64,300 Rent Expense (General) 176,000 Utilities Expense (General) 140,000 Sales Commission (Selling)...

    

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Taxes and Licenses (General) 64,300 Rent Expense (General) 176,000 Utilities Expense (General) 140,000 Sales Commission (Selling) 80,000 Total 9,354,210 9,354,210 Additional Data: Merchandise Inventory, end is P1,010,000 December 31, 20C Cash in Bank P 2,050,000 Accounts Receivable 185,000 Estimated Uncollectible Accounts P 4,000 Merchandise Inventory, Jan 1 2,980,000 Unused Supplies 54,000 Furniture and Fixtures 1,300,000 Accum depn - Furniture and Fixture 520,000 980,000 2,382,010 Accounts Payable N. Alegre, Capital N. Alegre, Drawing 60,000 Sales Sales Discounts 12,500 Sales Returns and Allowances 14,600 Purchases 1,880,000 Purchase Discounts 5,452,000 5,900 Purchase Returns and Allowances 10,300 Freight - In 9,810 Sales Salaries (Selling) 188,000 Office Salaries (General) 160,000 For items 11 to 17 Eleanor Paclijan, owner - manager of Cebu Parts and Sales uses the perpetual inventory system in keeping its inventories. One item that it consistently buys from a Manila supplier was at a cost of P300 per unit but is sold at a margin of P150 per unit. Abstract from this stock card are as follows: Data Received stued Balance Ja TST 30 40 50 80 20 100 Assume: If the only expense incurred was freight- out of P3,000, compute the following for Parts B. 11. Beginning Inventory 12. Purchases during the month 13. Ending Inventory 14. Cost of Sales 15. Sales 16. Gross Profit 17. Profit 18. Gross profit rate Test 11. Kindly use the data below in preparing the following: a. Income Statement b. Statement of Changes in Owner's Equity c. Closing entries (please use the closing entry method for the merchandise inventory adjustment) Jordan Hardware & Construction Supply Trial Balance Adjusted 4. The company is using the perpetual inventory system, based on the stock card, the total quantity received is 150 units at a cost P100.00/unit and the quantity issued to the selling departments is 80 units, how much is the ending inventory value? 5. Gross Profit rate is 35% of Net Sales, if cost of sales is P332,500.00.00. how much Net Sales? 6. If the value of the beginning inventory is 100 units at P 60.00, first purchases is 400 units at P 62.00 and second purchases is 120 units at P64.00 Ending inventory is 180 units. Using the First-In, First-Out, how much is the value of the merchandise inventory end? 1. Using the same data in number 6, how much is the cost of goods sold? 8. Total goods available for sales is P 300,000.00, and purchases is 10,000 units at P30.00/unit. Sales is 6,000units at no P48.00/unit, assuming there is merchandise inventory beginning, how much is the value of the merchandise inventory end of the period? 9. Gross Profit rate is 40% of Net Sales, if total sales is P 500,000, how much is the cost of Sales? 10. If the value of the beginning inventory is 200 units at P 40, first purchases is 600 units at P44/unit and second purchases is 120 units at P46/unit. If you have sold 740 units, using the Weighted average, how much is the value of the merchandise inventory end? Test 1: Short Answer (3pts each) Show solution on the yellow pad 1. How much is the amount the buyer pays to the seller if the buyer buys merchandise costing P40,000 and returned P 5,000 cost of merchandise. The discount is 3/15, N/30 and the buyer pays within the discount period? 2. Jack Enterprises sold merchandise on account for P 60,000 and received sales return of merchandise for P 5,000, the term is 4/10, n/30. How much is the sales discount if paid within the discount period? 3. At the end of the month Total Purchases is P 120,000 and Total Sales is P 250,000. Total purchases and total sales do not include the VAT. How much is the Vat Payable to the Bureau of Internal Revenue? Taxes and Licenses (General) 64,300 Rent Expense (General) 176,000 Utilities Expense (General) 140,000 Sales Commission (Selling) 80,000 Total 9,354,210 9,354,210 Additional Data: Merchandise Inventory, end is P1,010,000 December 31, 20C Cash in Bank P 2,050,000 Accounts Receivable 185,000 Estimated Uncollectible Accounts P 4,000 Merchandise Inventory, Jan 1 2,980,000 Unused Supplies 54,000 Furniture and Fixtures 1,300,000 Accum depn - Furniture and Fixture 520,000 980,000 2,382,010 Accounts Payable N. Alegre, Capital N. Alegre, Drawing 60,000 Sales Sales Discounts 12,500 Sales Returns and Allowances 14,600 Purchases 1,880,000 Purchase Discounts 5,452,000 5,900 Purchase Returns and Allowances 10,300 Freight - In 9,810 Sales Salaries (Selling) 188,000 Office Salaries (General) 160,000 For items 11 to 17 Eleanor Paclijan, owner - manager of Cebu Parts and Sales uses the perpetual inventory system in keeping its inventories. One item that it consistently buys from a Manila supplier was at a cost of P300 per unit but is sold at a margin of P150 per unit. Abstract from this stock card are as follows: Data Received stued Balance Ja TST 30 40 50 80 20 100 Assume: If the only expense incurred was freight- out of P3,000, compute the following for Parts B. 11. Beginning Inventory 12. Purchases during the month 13. Ending Inventory 14. Cost of Sales 15. Sales 16. Gross Profit 17. Profit 18. Gross profit rate Test 11. Kindly use the data below in preparing the following: a. Income Statement b. Statement of Changes in Owner's Equity c. Closing entries (please use the closing entry method for the merchandise inventory adjustment) Jordan Hardware & Construction Supply Trial Balance Adjusted 4. The company is using the perpetual inventory system, based on the stock card, the total quantity received is 150 units at a cost P100.00/unit and the quantity issued to the selling departments is 80 units, how much is the ending inventory value? 5. Gross Profit rate is 35% of Net Sales, if cost of sales is P332,500.00.00. how much Net Sales? 6. If the value of the beginning inventory is 100 units at P 60.00, first purchases is 400 units at P 62.00 and second purchases is 120 units at P64.00 Ending inventory is 180 units. Using the First-In, First-Out, how much is the value of the merchandise inventory end? 1. Using the same data in number 6, how much is the cost of goods sold? 8. Total goods available for sales is P 300,000.00, and purchases is 10,000 units at P30.00/unit. Sales is 6,000units at no P48.00/unit, assuming there is merchandise inventory beginning, how much is the value of the merchandise inventory end of the period? 9. Gross Profit rate is 40% of Net Sales, if total sales is P 500,000, how much is the cost of Sales? 10. If the value of the beginning inventory is 200 units at P 40, first purchases is 600 units at P44/unit and second purchases is 120 units at P46/unit. If you have sold 740 units, using the Weighted average, how much is the value of the merchandise inventory end? Test 1: Short Answer (3pts each) Show solution on the yellow pad 1. How much is the amount the buyer pays to the seller if the buyer buys merchandise costing P40,000 and returned P 5,000 cost of merchandise. The discount is 3/15, N/30 and the buyer pays within the discount period? 2. Jack Enterprises sold merchandise on account for P 60,000 and received sales return of merchandise for P 5,000, the term is 4/10, n/30. How much is the sales discount if paid within the discount period? 3. At the end of the month Total Purchases is P 120,000 and Total Sales is P 250,000. Total purchases and total sales do not include the VAT. How much is the Vat Payable to the Bureau of Internal Revenue?

Answer rating: 100% (QA)

Based on the given information we have the following expenses 1 Taxes and Licenses 64300 2 Rent Expense 176000 3 Utilities Expense 140000 4 Sales Commission 80000 To calculate the total expenses we ad... View the full answer