Based on actual physical account, inventory balance are as follows: January 1, 2018 December 31, 2018...

 

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Based on actual physical account, inventory balance are as follows: January 1, 2018 December 31, 2018 P 25,780 P 20.110 Bad Debts expense is 5% of net sales and this classified as general and administrative expense. 1. Determine the following: a. Net Sales b. Net Purchases c. Cost of good sold d. Bad Debts expense 2. Prepare a Single-step Statement of Comprehensive Income 3. Prepare a Multi-step Statement of Comprehensive Income Sales Sales Discount Sales return and allowances Purchase Discount Purchase return allowances Purchases Freight-in Interest Income Gain on sale of PPE Depreciation expense Amortization expense Salaries expense Utilities expense Advertising expense Rent expense Interest expense Bad Debts expense Debit P 14.450 6,545 548,750 8,910 20,000 12.000 55,500 38,500 25,000 45,900 4,500 ??? Credit P 947,895 8.990 6,435 6,240 7,125 Based on actual physical account, inventory balance are as follows: January 1, 2018 December 31, 2018 P 25,780 P 20.110 Bad Debts expense is 5% of net sales and this classified as general and administrative expense. 1. Determine the following: a. Net Sales b. Net Purchases c. Cost of good sold d. Bad Debts expense 2. Prepare a Single-step Statement of Comprehensive Income 3. Prepare a Multi-step Statement of Comprehensive Income Sales Sales Discount Sales return and allowances Purchase Discount Purchase return allowances Purchases Freight-in Interest Income Gain on sale of PPE Depreciation expense Amortization expense Salaries expense Utilities expense Advertising expense Rent expense Interest expense Bad Debts expense Debit P 14.450 6,545 548,750 8,910 20,000 12.000 55,500 38,500 25,000 45,900 4,500 ??? Credit P 947,895 8.990 6,435 6,240 7,125

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