GROUP QUIZ

INSTRUCTIONS:

a. This activity shall be answered by group as provided before.

b. Each group is required to meet via online app (i.e., ZOOM) to discuss and answer the given
questions. Further, a screenshot of your meeting shall be attached in your final paper as a proof
of working together. Persons who are not included in the screenshot shall not be graded.
c. Each group shall submit one paper with a solution (handwritten or computerized) in PDF
format within the time allotted. Late submission will be given deduction. Also, please indicate
your names, section and class numbers in your paper.
d. Make sure to highlight (if computerized) or double rule (if handwritten) your answers.
e. Soliciting information or asking questions from other group is strictly prohibited. If a member
of the group is caught and/or reported cheating, the group where such member belong will
automatically get a ZERO. Consequently, the group who reported the conduct will get plus 50
points.

File Name: G12-Section_Group Name(Quiz 4)

File Format: PDF only
Estimated Time: 1.5 hrs
Deadline: End of class
Grading Points: 1 point is equivalent to 4%. (25 items)
Email Address: sirnikkojames@[Link]

1. The following information was taken from Leilanie Natividad Company’s accounting records
for the current year:

Beginning Inventory 400,000

Freight In 300,000
Purchase Returns 900,000
Ending Inventory 500,000
Selling Expense 1,250,000
Sales Discount 250,000

The cost of goods sold is six times the selling expenses. What is the amount of gross purchase?

Cost of Sales 7,500,000

Ending Inventory 500,000
Cost of Goods Available for Sale 8,000,000
Beginning Inventory (400,000)
Net Purchases 7,600,000
Purchase Returns 900,000
 Freight – In (300,000)
Gross Purchases 8,200,000

2. The December 31 balances of selected accounts of Ser Markopiko Company and pertinent
information are shown below:

Inventory, January 1 2,000,000

Purchases 7,500,000
Purchase Returns and Allowances 500,000
Sales Returns and Allowances 750,000
Inventory on December 31 2,800,000
Gross Profit Rate on net sales 20%

What is the amount of gross sales for the current year?

Gross Sales = 1,550,000 + 6,200,000
= 7,750,000
Gross Sales = 2,300,000

3. Walangganun Marsh Company had the following accounts affected during the current year:

Increase in Trade Accounts Receivable 400,000

Disbursements for purchases 5,800,000
Increase in Trade Accounts Payable 500,000
Decrease in Merchandise Inventory 200,000

What is the amount of Cost of Goods Sold?

CGS = GAS+EI
= 5,800,000+200,000
Cost of Goods Sold = 6,000,000

4. Renato Budolero reported the following accounts and information for the year ended
December 31, 2020, as follows:

Gross Sales 1,400,000

Sales Return and Allowance 200,000
Other Comprehensive Income 50,000
Sales Discount 400,000
Gross Purchase 1,400,000
Purchase Return and Allowance 200,000
Purchase Discount 400,000
Ending Inventory 200,000
Gross profit 20% based on net sales
 Other Income thrice the amount of ending inventory
Total expenses 80% of gross purchase

a. How much is the gross profit?

NS = S-SRA-SD
= 1,400,000-200,000-400,000
NS = 800,000

a. How much is the gross profit?

Gross Profit = 20% based on NS
GP = 800,000 X 20%
Gross Profit = 160,000

Other income = thrice the amount of ending inventory

OI = 200,000 X 3
Other income = 600,000

Total expenses = 80% of Gross purchase

= 1,400,000 X 80%
Expenses = 1,120,000

b. How much is the net income?

NI = GP+OI-E
= 160,000+600,000-1,120,000
NET INCOME (loss) = (360,000)

5. Mahirap Sagutan Company report the following accounts for the current year:

Sales Returns and Allowance 200,000

Other Comprehensive Income 50,000
Freight Out 150,000
Freight In 350,000
Purchase Returns and Allowance 800,000
Increase in Inventory 400,000
Sales Discount 500,000
Purchase Discount 200,000
Gross Purchase 3,000,000
Gross Sales 5,000,000

a. What is the amount of Cost of Goods Sold?

Gross Purchase
3,000,000
Freight In
 350,000
Purchase Returns and Allowance
(800,000)
Purchase Discount
(200,000)
Net Purchase 2,350,000
Increase in Inventory
(400,000)
Cost of Goods Sold 1,950,000

b. What is the amount of Net Income?

Gross Sales
5,000,000
Sales Returns and Allowance (200,000)
Sales Discount (500,000)
Net Sales 4,300,000
Cost of Goods Sold (1,950,000)
Gross Profit 2,350,000
Distribution Cost (150,000)
Net Income 2,200,000

c. What is the amount of Total Comprehensive Income?

Net Purchase 2,350,000

Other Comprehensive Income 50,000
Total Comprehensive Income 2,400,000

6. Miami Heat Company reported the following accounts for the current year:

Casualty Loss 100,000

Income tax 150,000
Loss on sale of investment 50,000
Inventory, January 1 1,000,000
Dividend revenue 150,000
Freight in 500,000
Freight out 175,000
Purchase discounts 100,000
Officers’ salaries 500,000
Sales returns and allowances 140,000
Purchases 5,250,000
Loss on sale of equipment 50,000
Salesmen’s commission 650,000
 Depreciation – office equipment 300,000
Gross sales 7,850,000
Inventory, December 31 1,500,000
Rental income 250,000
Sales discounts 10,000
Depreciation – store equipment 125,000
Purchase returns and allowances 150,000

Compute the following:

a. Net Sales Revenue

NS = S-SRA-SD
= 7,850,000- 140,000- 10,000
NET SALES REVENUE = 7,700,000

b. Cost of sales

CGS=GAS-EI
GAS= BI+NP
NP= P-PRA-PD

NP= P-PRA-PD
5,250,000- 150,000-100,000+500,000
NP= 5,500,000

GAS= BI+NP
1,000,000+5,500,000
GAS= 6,500,000

CGS= GAS-EI
6,500,000-1,500,000
CGS= 5,000,000
COST OF SALES= 5,000,000

c. Other income

Rental Income 250,000

Dividend Revenue 150,000
OTHER INCOME 400,000

d. Selling expenses
Freight out 175,000
Salesmen Commission 650,000
 Depreciation store equipment 125,000
SELLING EXPENSES 950,000

e. Administrative expenses
Income Tax 150,000
Officer Salaries 500,000
Depreciation office equipment 300,000
ADMINISTRATIVE EXPENSE 950,000

f. Other expenses
Casualty Loss 100,000
Loss on Sale of Equipment 50,000
Loss on sale of Investment 50,000
OTHER EXPENSES 200,000

g. Net income
NI = GP+OI+E
GP = NS-CGS

GP = 7,700,000-5,000,000
GP = 2,700,000

NI = GP+OI-E
= 2,700,000+400,000-2,100,000
NI = 1,000,000
NET INCOME = 1,000,000

7. Gon and Killua Company had the following accounts:

Inventory, Dec 31, 2020 100,000

Inventory, Dec 31, 2019 150,000
Inventory, Dec 31, 2018 200,000
Total Expenses 2020 800,000
Total Expenses 2019 700,000
Total Expenses 2018 600,000
Other Comprehensive Income 2020 50,000
Other Comprehensive Income 2019 150,000
Other Comprehensive Income 2018 250,000
Purchases 2020 800,000
Purchases 2019 750,000
Purchases 2018 700,000
Net Sales 2020 1,400,000
 Net Sales 2019 1,350,000
Net Sales 2018 1,300,000
Net Purchases 2020 1,100,000
Net Purchases 2019 1,150,000
Net Purchases 2018 1,200,000
Other Income 2020 400,000
Other Income 2019 500,000
Other Income 2018 600,000

a. Compute the GAS for 2019.

BI + NP = GAS
Inventory, Dec 31, 2018 200,000
Net Purchases 2019 1,150,000
Goods Available for Sale 1,350,000

b. Compute the CGS for 2019.

GAS - EI = CGS
Goods Available for Sale 1,350,000
Inventory, Dec 31, 2019 (150,000)
Cost of Goods Sold 1,200,000

c. Compute the GP for 2019.

NS - CGS = GP
Net Sales 1,350,000
Cost of Goods Sold (1,200,000)
Gross Profit 150,000

d. Compute the NI for 2019.

GP + OI - E = NI
Gross Profit 150,000
Other Income 500,000
Expense (700,000)
Net Income (Loss) (50,000)

e. Compute the Total OCI for 2019.

Other Comprehensive Income 150,000

f. Compute the GAS for 2020.

BI + NP = GAS
Inventory, Dec 31, 2019 150,000
Net Purchases 2020 1,100,000
Goods Available for Sale 1,250,000

g. Compute the CGS for 2020.

GAS - EI = CGS
Goods Available for Sale 1,250,000
Inventory, Dec 31, 2020 (100,000)
Cost of Goods Sold 1,150,000

h. Compute the GP for 2020.

NS - CGS = GP
Net Sales 1,400,000
Cost of Goods Sold (1,150,000)
Gross Profit 250,000

i. Compute the NI for 2020.

GP + OI - E = NI
Gross Profit 250,000
Other Income 400,000
Expense (800,000)
Net Income (Loss) (150,000)

j. Compute the Total OCI for 2020.

Other Comprehensive Income 2020 50,000

TEAM HAKDOG

04 – 10 Crisostomo, Kristel Claire C.

04 – 30 Palermo, Mary Danielle M.
04 – 39 Padrones, Jeniffer M.
04 – 10 Dela Cruz, Joevelyn Kaith A.
04 – 22 Labata, Loraine Mae
04 – 17 Engada, Arlene P.
04 – 39 Velasco, Aliah Mae M.
04 – 36 Sapon, Eva Bonalette
04 – 12 Dacallos, Jenny
04 – 40 Vicente, Raidenhile Mae