4. Prepare a multi-step Statement of Comprehensive Income using the following:Sales – P20,000• Cost of Goods Sold – P10,000General and administrative expenses – P4,000Selling expenses – P2,000Note: Learners can use any business name and the end of the current year for theheading.Self-assessment Questions:1. Am I able to understand the purpose of the SCI?2. Can I enumerate the basic elements of the SCI?3. Am I able to prepare the SCI using the single-step method? Multi-step method? 2. Compute for the Cost of Goods Sold using the following:• Sales – P15,000Purchases – P2,000Purchase returns – P200• Purchase discounts – P200• Freight in – P100• Beginning inventory – P1,000• Ending inventory – P500

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Calculate gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 4000. a.OMR 24000 b.OMR 20000 c.OMR 8000 d.OMR 12000
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1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $
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Q: Find out the following missing values Purchase price of the inventory Rs=1,200,000, + Freight-in Rs=8,000, Purchase returns Rs= 50,000, Purchase allowances Rs=10,000, Purchase discounts Rs= 28,000.Net purchases of inventory? Cost of Purchases Rs=15000, Cost of Goods available for sales Rs= 25000, Cost of beginning inventory Rs=? Cost of Goods available for sales Rs= 50,000, Cost of Goods sold Rs= 43000, Cost of Ending inventory Rs=? Sales Rs= 10,000, Gross Profit Rs= 3,000, Cost of Goods Sold Rs=? Gross profit Rs= 5,000, Gross Profit Percentage= 20%, Sales/Sales Revenue Rs=?
45 Calculate gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return inwards OMR 5000. t of O a. OMR 10000 stion O b. OMR 15000 O c. OMR 5000 O d. OMR 45000 In which of the following Inventory techniques are the 立

Merchandise purchased for resale.. • Freight In.. • Freight Out. • Purchased returns. Interest on inventory loan. What is the inventoriable cost of the purchase? Gamma Company provided the following information for the current year: .P 4,000,000 100,000 50,000 20,000 200,000 A. P4,280,000 В. Р4,030,000 С. Р4,080,000 D. P4,130,000
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What is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: X
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4. Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – P20,000 • Cost of Goods Sold – P10,000 General and administrative expenses - P4,000 Selling expenses - P2,000