PRELIM ASSIGNMENT #1 PROBLEM 1 ENG Company opened an agency on Holy Angel University for its University Days. The following were the transactions in relation to the agency for the month of February: 0 February 15. The agency was opened with the establishment of a P45,UCIU working fund. 0 February 20. The agency manager incurred P4,U00 for the advertising expense. ' February 22. ENG Company and HAU Udays Committee signed an agreement for the rental fee on the space provided for the agency during the 3day event. They charged P1,50{) per day for the rent and should be paid by the agency on daily basis. ' February 2?. At the start of the University days, the agency made sales of P15,800. In addition, the agency incurred Miscellaneous expense amounting to P5,600. 0 February 28. The Agency earned a gross prot of P9300. ' March 1. On the last day of the event, Agency was able to accumulate P45,400 of total sales for the University days. Moreover, the agency working fund was replenished on this date. The agency has an average gross prot rate of 4U% and separate the accounting for the agency and the home ofce. Cost of goods sold were all carried by the home ofce. Questions: 1. On February 28, How much is the sales to be reported by the agency? 2. As of February 28, How much is the net income of the agency? 3. What is the remaining balance of the working fund of the agency on February 28? 4. On the total operation of the agency, How much is the operating expense? 5 On the total operation of the agency, How much is the agency's Cost of goods sold