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Missing Amounts in Financial Statements

The document provides financial information for a company with gross sales of P1,610,000 and net sales of P1,550,000 after sales returns and allowances of P45,000 and sales discounts of P15,000. The cost of goods sold is P930,000, resulting in a gross margin from sales of P620,000. After operating expenses of P465,000, the company has a profit of P155,000.

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5K views3 pages

Missing Amounts in Financial Statements

The document provides financial information for a company with gross sales of P1,610,000 and net sales of P1,550,000 after sales returns and allowances of P45,000 and sales discounts of P15,000. The cost of goods sold is P930,000, resulting in a gross margin from sales of P620,000. After operating expenses of P465,000, the company has a profit of P155,000.

Uploaded by

kakao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

PROBLEM # 3

MISSING ELEMENTS - RECONSTRUCTION


Net Sales
Gross Sales P 1,610,000
Less: Sales Returns & Allowances P 45,000
Sales Discounts 15,000 60,000
Net Sales
Cost of Goods Sold
Inventory, January 1, 2019 P 220,000
Purchases P 985,000
Less: Purchase Returns & Allowances P 31,000
Purchase Discounts 20,000 51,000
Net Purchases P 934,000
Transportation-In 36,000
Net Cost of Purchases 970,000
Cost of Goods Available for Sale P 1,190,000
Less: Inventory, December 31, 2019 260,000
Cost of Goods Sold
Gross Margin from Sales
Operating Expenses
Profit
P 1,550,000

220,000

930,000
P 620,000
465,000
P 155,000

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