Less Sales Discounts 10000000 Net Sales 280000000 Less Cost of Goods Sold

Less sales discounts 10000000 net sales 280000000

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Less: Sales Discounts 100,000.00 Net Sales ₱2,800,000.00 Less Cost of Goods Sold Merchandise Inventory, January 1 ₱700,000.00 Add: Net Purchases Purchases ₱800,000.00 Purchase Returns and Allowances (200,000.00) Transportation In 100,000.00 Net Purchases ₱700,000.00 Cost of goods available for sale ₱1,400,000.00 Less Merchandise Inventory Dec. 31 500,000.00 Cost of goods sold ₱900,000.00 Gross margin (Gross profit) ₱1,900,000.00 Salaries Expense ₱430,000.00 Advertising Expense 150,000.00 Utilities expense 100,000.00 Supplies Expense 50,000.00 Rent Expense 100,000.00 Depreciation Expense 200,000.00 ₱1,030,000.00 Net Income ₱870,000.00 Problem 5 (Chapter 8) Cash ₱100,000.00 Accounts Receivable 500,000.00 Merchandise Inventory (ending inventory) 500,000.00 Prepaid Rent (300,000-100,000) 200,000.00 Shop Equipment 1,600,000.00 Less Accumulated Depreciation 400,000.00 1,200,000.00 Total Assets ₱2,500,000.00 Accounts Payable ₱400,000.00 Salaries Payable 30,000.00 Total Liabilities 430,000.00 Capital, January 1 ₱1,300,000.00 Net Income 870,000.00 Withdrawals (100,000.00) ₱2,070,000.00 Total Liabilities and capital ₱2,500,000.00 ASSETS HOBBY SHOP STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2018 LIABILITIES AND CAPITAL
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Sales 2,675,000.00 Sales Discounts (23,000.00) Sales Returns and Allowances (26,000.00) Net Sales 2,626,000.00 Less Cost of goods sold: Merchandise Inventory, January 1 627,000.00 Add Net Purchases Purchases 1,512,000.00 Purchase Returns and Allowances (14,000.00) Purchase Discounts (19,000.00) Transportation In 38,000.00 Net Purchases 1,517,000.00 Goods available for sale 2,144,000.00 Less Merchandise Inventory, Dec. 31 532,000.00 1,612,000.00 Gross Profit 1,014,000.00 Less Operating Expenses Salaries Expense 336,000.00 Advertising Expense 61,000.00 Insurance Expense 18,000.00 Rent Expense 26,000.00 Office supplies expense 53,000.00 Depreciation Expense 25,000.00 519,000.00 ₱495,000.00 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 JOHN BALA MAPS
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Cash 31,000.00 Accounts Receivable 83,000.00 merchandise Inventory 532,000.00 Prepaid Insurance 36,000.00 Office supplies 15,000.00 Office equipment 370,000.00 Less: Accumulated Depreciation 75,000.00 295,000.00 Total Assets ₱992,000.00 Accounts Payable 58,000.00 Salaries Payable 9,000.00 Total Liabilities 67,000.00 Bala, capital January 1 517,000.00 Net Income 495,000.00 Withdrawals (87,000.00) Bala, capital, December 31 925,000.00 Total liabilities and capital ₱992,000.00 LIABILITIES AND CAPITAL JOHN BALA MOPS STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2018 ASSETS
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  • Generally Accepted Accounting Principles, Bala

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