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The records of Medical Top Team Co. showed the following information: Increase in accounts receivable- P100,000 Collections on accounts- P800,000 Cash sales- P120,000 Increase in
The records of Medical Top Team Co. showed the following information:
•Increase in accounts receivable- P100,000
•Collections on accounts- P800,000
•Cash sales- P120,000
•Increase in inventory- P40,000
•Freight-in- P14,000
•Freight-out- P13,000
•Decrease in accounts payable- P60,000
•Disbursements for purchases- P480,000
•Purchase discounts- P4,000
How much is the gross profit for the year?
•Increase in accounts receivable- P100,000
•Collections on accounts- P800,000
•Cash sales- P120,000
•Increase in inventory- P40,000
•Freight-in- P14,000
•Freight-out- P13,000
•Decrease in accounts payable- P60,000
•Disbursements for purchases- P480,000
•Purchase discounts- P4,000
How much is the gross profit for the year?
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To calculate the gross profit for the year we need to subtract the cost of goods sold COGS from the ...
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
78025915, 978-1259115400, 1259115402, 978-0078025914
