7. During the year, Melissa Tolentino made additional investments amounting to P 5,660 and withdrew P 3,180 worth of assets. The company generated a net income of P 6,790. If the beginning balance of her capital account was P15,470, what is its ending balance? a. P 21,130 b. P 22,260 c. P 24,740 d. P 27,920 e. None of the above 8. Assuming that net purchases cost P 270,000 during the year and that ending inventory was P 4,000 less than the beginning inventory of P 30,000, how much was cost of goods sold? a. P 280,000 b. P 246,000 c. P 254,000 d. P 274,000 e. None of the above 9. Goods totaling P 40,000 was purchased on February 2 on terms of 2/10, n 30 and on which returns of P 4,000 were made on February 10; would be subject to which of the following discounts if paid for on February 12? a. None b. P 800 C. P 720 d. Cannot be determined e. None of the above 10. In a periodic inventory system, the beginning inventory is the? a. Cost of goods available for sale minus the cost of goods sold. b. Cost of goods available for sale minus the net purchases. c. Net purchases minus the cost of goods sold. d. Net purchases minus the ending inventory