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Davao City Agency Financial Overview

The document outlines financial transactions for the Davao City Agency, including inventory, sales, and expenses. Key figures include total sales of 600,000, cost of goods sold at 400,000, and a net income of 130,500 after accounting for operating expenses and commissions. It also details the establishment and replenishment of a working fund and adjustments to the net realizable value of samples.

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9 views2 pages

Davao City Agency Financial Overview

The document outlines financial transactions for the Davao City Agency, including inventory, sales, and expenses. Key figures include total sales of 600,000, cost of goods sold at 400,000, and a net income of 130,500 after accounting for operating expenses and commissions. It also details the establishment and replenishment of a working fund and adjustments to the net realizable value of samples.

Uploaded by

satoukookie
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

a.

Samples Inventory - Davao City Agency 120,000


Advertising Materials - Davao City Agency 30,000
Shipments to Agency - Davao City Agency 150,000
To record shipments

b. Working Fund - Davao City Agency 20,000


Cash 20,000
To establish working fund

c. Accounts Receivable 600,000


Sales 600,000
To record sales

Cost of Goods Sold 400,000


Shipments to Davao City Agency 400,000
To record cost of goods sold

d. Cash 1,000,000
Accounts Receivable 1,000,000
To record collection of account

e. Rentals 10,000
Delivery Expense 1,500
Repairs and Maintenance 2,000
Cash 6,500
Cash Overage 6,500
Working Fund - Davao City Agency 13,500
To replenish the working fund

f. Commission Expense 15,000


Cash 15,000
To record commission on net sales

g. Advertising Materials Expense 9,000


Advertising Expense 32,000
Samples Inventory 41,000
To adjust the net realizable value of the samples
Sales 150% 600,000
COGS 100% 400,000
GP 50% 200,000

Filled-up Sales 600,000


Cost of Goods Sold 400,000
GROSS PROFIT 200,000
Operating Expenses 13,500
Commission Expense 15,000
Samples Used 41,000 69,500
NET INCOME 130,500

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