The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT P764,985 8,200 5.465 DEBIT Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Ubilities Expense Advertising Expense Rent Expense Interest Income Interest Expense | Gain on sale of PPE Bad Debts Expense 459,990 9.180 13,300 5,455 25,000 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5,465 ??? • Based on actual physical count, inventory balance are as follows: January 1, 20X2 Decomber 31, 20X2 P25,455 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expeonse as general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit f. Total Expenses Net Incomed Oss
The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT P764,985 8,200 5.465 DEBIT Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Ubilities Expense Advertising Expense Rent Expense Interest Income Interest Expense | Gain on sale of PPE Bad Debts Expense 459,990 9.180 13,300 5,455 25,000 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5,465 ??? • Based on actual physical count, inventory balance are as follows: January 1, 20X2 Decomber 31, 20X2 P25,455 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expeonse as general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit f. Total Expenses Net Incomed Oss
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 31BEB
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