Question

Problem #2: On June 30, 2020, PSA Trading Co has the following information: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost P14,600; rent is P8,000; light and water expenses are P7,550; and miscellaneous expenses are P9,520. Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #3: AMA cooperative store had the following activities for the year ended 2021: gross sales amounting to P94,653; the cost of goods sold was P48,923; the operating expenses were P8,723.15; and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales b. Gross Profit c. Net Profit

          Problem #2: On June 30, 2020, PSA Trading Co has the following information: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost P14,600; rent is P8,000; light and water expenses are P7,550; and miscellaneous expenses are P9,520. Generate an income statement and find: 
a. Gross Profit 
b. Net Profit or Loss 

Problem #3: AMA cooperative store had the following activities for the year ended 2021: gross sales amounting to P94,653; the cost of goods sold was P48,923; the operating expenses were P8,723.15; and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: 
a. Net Sales 
b. Gross Profit 
c. Net Profit

Added by Michael R.

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