SCI

LET'S TRY!!!! Gross sales revenue during the period is P80,000. The cost of goods available for sale is P56,000. If the beginning merchandise inventory is P18,000 and the ending inventory is P7,000 lower than the beginning count, compute for the amount of gross profit, assuming there is no freight in, and contra-account balances on sales has a total debit balance of P7,500. . CONTINUATION: OPERATING EXPENSES: 1. Salaries 4500 2. utilities 1200 3. Rent 2000 Other gains and losses 1. foreign currency adjustments 5,000 2. gain from sale of long-term assets 20,000 . 3. correction of mathematical error of difference of net tax 3,000 4. gain from pension plan 4000