Solution manual financial accounting by valix ch1 5

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Solution manual financial accounting by valix  ch1 5

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SOLUTION MANUAL Financial Accounting Valix and Peralta Volume One - 2008 Edition CHAPTER Problem 1-1 Problem 1-4 10 D C D D C C B C D A 10 Problem 1-2 A A D B D B D C C D Problem 1-3 C D D A D 10 A C A A D A D B D D Problem 1-5 A A A D D D Problem 1-6 A A C A A A Problem 1-7 D D C A A C Problem 11 B B C C A B B D B C D D D D C A B A 10 D 10 B 10 D 10 B Problem 1-9 Problem 1-12 D D C B C 10 Problem 1-10 A B D B A D C A D A Problem 1-11 10 C B D A F E J G H I 10 E D B C G H I F J A Problem 1-13 Systematic and rational allocation as a matching process Comparability or consistency Monetary unit Income recognition principle Time period Going concern and cost principle Accounting entity Materiality Completeness or standard of adequate disclosure 10 Conservatism or prudence Problem 1-14 10 Materiality Going concern Income recognition principle Accounting entity Standard of adequate disclosure Comparability Matching principle Cost principle Reliability Time period Problem 1-15 The cost of leasehold improvement should not be recorded as outright expense, but should be amortized as expense over the life of the improvement or life of the lease, whichever is shorter This is in conformity with the systematic and rational allocation principle of expense recognition The fact that the customer has not been seen for a year is not a controlling factor to write off the account If the account is doubtful of collection, an allowance should be set up It is only when there is proof of uncollectibility that the account should be written off Advertising cost should be treated as outright expense, by reason of the uncertainty of the benefit that may be derived therefrom in the future, in conformity with “immediate recognition principle” The balance of the cash surrender value should not be charged to loss In reality, this is conceived as a prospective receivable if and when the policy is canceled because of excessive premium in the early stage of policy The CSV should be classified as noncurrent investment The cost of obsolete merchandise should not be included as part of inventory but charged to expense, as a conservative approach The excess payment represents goodwill which should not be amortized but subject to impairment Conservatism dictates that goodwill should be recognized when paid for The depreciation is not dependent on the amount of profit generated during the year Depreciation is an allocation of cost and therefore should be provided regardless of the level of earnings An entry should be made to recognize the inventory fire loss, and such loss should be treated as component of income Revenues and expenses of the canteen should be separated from the revenues and cost of regular business operations in order to present fairly the financial position and performance of the regular operations 10 The increase in value of land and building should not be taken up in the accounts The use of revalued amount is permitted only when the revaluation is made by independent and expert appraiser The expected sales price of P5,000,000 is not necessarily the revalued amount of the land and building Moreover, increase in value is not an income until the asset is sold Problem 1-16 Accrual assumption Going concern assumption Asset recognition principle Cost principle Liability recognition principle Income recognition principle Expense recognition principle Cause and effect association principle Systematic and rational allocation principle 10 Immediate recognition principle Problem 1-17 Monetary unit assumption Cost principle Materiality Time period Matching principle Substance over form Income recognition principle Comparability or consistency Conservatism or prudence 10 Adequate disclosure or completeness Problem 1-18 The cost of the asset should be the amount of cash paid No income should be recognized when an asset is purchased at an amount less than its market value Revenue arises from the act of selling and not from the act of buying The entry should be reversed because the pending lawsuit is a mere contingency The contingent loss is simply disclosed To be recognized in accordance with conservatism, the contingent loss must be both probable and measurable The new car should be charged against the president and debited to receivable from officer, because the car is for personal use 4 The entry is incorrect because no revenue shall be recognized until a sale has taken place Purchased goodwill should be recorded as an asset Under the new standard, goodwill is not amortized anymore but on each balance sheet date it should be assessed for impairment Problem 1-19 Accrual Going concern Accounting entity Monetary unit Time period CHAPTER Problem 2-1 Easy Company Statement of Financial Position December 31, 2008 ASSETS Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Total current assets Noncurrent assets: Property, plant and equipment Note (1) 800,000 450,000 900,000 200,000 2,350,000 (2) 4,400,000 Long-term investments Intangible asset Total noncurrent assets Total assets (3) 950,000 800,000 6,150,000 8,500,000 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Trade and other payables Note payable, short-term debt Total current liabilities Noncurrent liabilities: Mortgage payable, due in years Note payable, long-term debt Total noncurrent liabilities Shareholders’ equity: Share capital, P100 par Share premium Retained earnings Total shareholders’ equity Total liabilities and stockholders’ equity (4) 450,000 200,000 650,000 1,500,000 500,000 2,000,000 4,000,000 500,000 1,350,000 5,850,000 8,500,000 Note - Prepaid expenses Office supplies Prepaid rent Total prepaid expenses 50,000 150,000 200,000 Note - Property, plant and equipment Property, plant and equipment Accumulated depreciation Net book value 5,600,000 (1,200,000) 4,400,000 Note - Intangible asset Patent 800,000 Note - Trade and other payables Accounts payable Accrued expenses 350,000 100,000 Total 450,000 Problem 2-2 Simple Company Statement of Financial Position December 31, 2008 ASSETS Current assets: Cash Trading securities Trade and other receivables Inventories Prepaid expenses Total current assets Noncurrent assets: Property, plant and equipment Long-term investments Intangible assets Total noncurrent assets Total assets Note (1) (2) (3) (4) (5) (6) 420,000 250,000 620,000 1,250,000 20,000 2,560,000 4,640,000 2,000,000 300,000 6,940,000 9,500,000 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Trade and other payables Serial bonds payable - current portion Total current liabilities Note (7) 620,000 500,000 1,120,000 Noncurrent liabilities: Serial bonds payable - remaining portion 2,000,000 Shareholders’ equity: Share capital Share premium Retained earnings Total shareholders’ equity Total liabilities and shareholders’ equity 5,000,000 500,000 880,000 6,380,000 9,500,000 Note - Trade and other receivables Accounts receivable Allowance for doubtful accounts Notes receivable Claim receivable Total 500,000 ( 50,000) 150,000 20,000 620,000 Note - Inventories Finished goods Goods in process Raw materials 200,000 Factory supplies Total 400,000 600,000 50,000 1,250,000 Note - Prepaid expenses Prepaid insurance 20,000 Note - Property, plant and equipment Land 1,500,000 Building 2,400,000 Machinery 700,000 Tools 40,000 Total 4,640,000 Cost 1,500,000 Accum depr Book value - 4,000,000 1,600,000 2,000,000 1,300,000 40,000 7,540,000 2,900,000 Note - Long-term investments Investment in bonds Plant expansion fund Total 1,500,000 500,000 2,000,000 Note - Intangible assets Franchise 200,000 Goodwill 100,000 Total 300,000 Note - Trade and other payables Accounts payable Notes payable Income tax payable Advances from customers Accrued expenses Accrued interest on note payable Employees income tax payable Total 300,000 100,000 60,000 100,000 30,000 10,000 20,000 620,000 Problem 2-3 Exemplar Company Statement of Financial Position December 31, 2008 ASSETS Current assets: Cash and cash equivalents Trading securities Trade and other receivables Inventories Prepaid expenses Total current assets Noncurrent assets: Property, plant and equipment Long-term investments Intangible assets Other noncurrent assets Total noncurrent assets Total assets Note (1) 500,000 280,000 640,000 1,300,000 70,000 2,790,000 (2) (3) (4) (5) 5,300,000 1,310,000 3,350,000 150,000 10,110,000 12,900,000 LIABILITIES AND SHAREHOLDERS’ EQUITY Note Current liabilities: Trade and other payables 1,000,000 Noncurrent liabilities: Bonds payable (6) 5,000,000 Premium on bonds payable Total noncurrent liabilities 1,000,000 6,000,000 Shareholders’ equity: Share capital Reserves Retained earnings (deficit) Total shareholders’ equity Total liabilities and shareholders’ equity (7) (8) 7,000,000 700,000 (1,800,000) 5,900,000 12,900,000 Note - Trade and other receivables Accounts receivable Allowance for doubtful accounts Notes receivable Accrued interest on notes receivable Total 400,000 ( 20,000) 250,000 10,000 640,000 Note - Property, plant and equipment Cost value Land 1,500,000 Building 3,000,000 Equipment 800,000 Total 5,300,000 Accum depr Book 1,500,000 - 5,000,000 2,000,000 1,000,000 200,000 7,500,000 2,200,000 Note - Long-term investments Land held for speculation Sinking fund Preference share redemption fund Cash surrender value 60,000 Total 500,000 400,000 350,000 1,310,000 Note - Intangible assets Computer software Lease rights Total 10 Note - Other noncurrent assets 3,250,000 100,000 3,350,000 Accounts receivable Accounts receivable Allowance for doubtful accounts Cash Accounts receivable Doubtful accounts Allowance for doubtful accounts Required allowance – December 31 (5% x 2,400,000) Less: Allowance before adjustment Doubtful accounts 60,000 10,000 10,000 10,000 10,000 70,000 70,000 120,000 50,000 70,000 Rate = 100,000/2,000,000 = 5% Requirement b Accounts receivable Less: Allowance for doubtful accounts Allowance for sales discount 130,000 Net realizable value 2,400,000 120,000 10,000 2,270,000 60 Problem 5-15 Requirement a Accounts receivable Sales (3,070,000 – 470,000) 2,600,000 2,600,000 Cash (2,455,000 – 1,455,000) Accounts receivable 1,000,000 1,000,000 Cash Sales discount Accounts receivable (1,455,000/97%) 1,455,000 45,000 Allowance for doubtful accounts Accounts receivable Cash Sales Sales return and allowances Accounts receivable 1,500,000 20,000 20,000 470,000 470,000 55,000 55,000 Sales return and allowances Cash 10,000 10,000 Accounts receivable Allowance for doubtful accounts 5,000 5,000 Cash Accounts receivable 5,000 5,000 Doubtful accounts Allowance for doubtful accounts 50,000 50,000 Credit sales Less: Sales discount Sales return and allowances 100,000 Net credit sales 2,600,000 45,000 55,000 2,500,000 Doubtful accounts (2,500,000 x 2%) 50,000 Requirement b Accounts receivable Less: Allowance for doubtful accounts Net realizable value 61 625,000 60,000 565,000 Problem 5-16 Accounts receivable – Jan 4,500,000 Sales Recovery 2,500,000 Collections Sales discount Writeoff 90,000 Sales return 25,000 Accounts receivable – Dec 31 115,000 1,500,000 4,410,000/98% 7,935,000 15,000 2,475,000/99% (8,000,000) ( 115,000) ( 55,000) ( 30,000) Sales discount: 2% x 4,500,000 1% x 2,500,000 1,250,000 Problem 5-17 Percent of Required allowance Not yet due Amount Uncollectible 1,700,000 - - – 30 days past due 60,000 31 – 60 days past due 25,000 61 – 90 days past due 75,000 Over 90 days past due 120,000 1,200,000 5% 100,000 25% 150,000 50% 1,200,000 100% 3,270,000 280,000 Allowance – January 170,000 Receivables 30,000 Doubtful accounts expense (squeeze) 345,000 Total 545,000 Less: Writeoff (235,000 + 30,000) 265,000 Required allowance – December 31 280,000 Accounts receivable 3,270,000 Less: Allowance for doubtful accounts 280,000 Net realizable value 2,990,000 Problem 5-18 1,000,000 x 1% 10,000 90,000 400,000 x 5% 20,000 20,000 300,000 x 10% 30,000 200,000 200,000 x 25% 50,000 310,000 60,000 x 100% 60,000 140,000 1,960,000 170,000 170,000 Doubtful accounts Allowance for doubtful accounts 20,000 Correct amount 200,000 Recorded (2% x 9,000,000) 180,000 Allowance – January Recoveries Doubtful accounts (squeeze) Total Less: Writeoff (100,000 + 40,000) Allowance – December 31 20,000 Understatement 20,000 Accounts receivable – December 31 1,960,000 Less: Allowance for doubtful accounts 170,000 Net realizable value 1,790,000 62 Problem 5-19 2005 2006 2007 Total Writeoff 85,000 Less: Recoveries 9,000 Net writeoff 76,000 26,000 2,000 24,000 29,000 30,000 3,000 4,000 26,000 26,000 76,000 Percentage to be used in computing the allowance = - = 2% 3,800,000 Credit sales for 2008 3,000,000 Multiply by bad debt percentage Provision for doubtful accounts 60,000 Accounts receivable – January 1, 2008 250,000 Add: Credit sales for 2008 Recoveries 3,005,000 Total 3,255,000 Less: Collections in 2008 Writeoff Accounts receivable – December 31, 2008 Allowance for doubtful accounts – January Add: Doubtful accounts for 2008 Recoveries Total Less: Writeoff Allowance for doubtful accounts – December 31 2% 3,000,000 5,000 2,615,000 40,000 2,655,000 600,000 20,000 60,000 5,000 65,000 85,000 40,000 45,000 Problem 5-20 Accounts receivable – December 31, 2007 Add: Sales for 2008 600,000 5,000,000 Recovery of accounts written off Total Less: Collection from customers Accounts written off Accounts settled by issuance of note Accounts receivable – December 31, 2008 10,000 4,360,000 50,000 200,000 5,010,000 5,610,000 4,610,000 1,000,000 Allowance for doubtful accounts – December 31, 2007 30,000 Add: Recovery of accounts written off Total Less: Accounts written off 50,000 Allowance before adjustment – December 31, 2008 (debit balance) 10,000 40,000 (10,000) 63 Required allowance – December 31, 2008 On current accounts (700,000 x 5%) 35,000 On past due accounts (300,000 x 20%) Total 60,000 95,000 Required allowance – December 31, 2008 Add: Debit balance before adjustment Increase in allowance 95,000 10,000 105,000 Doubtful accounts Allowance for doubtful accounts 105,000 105,000 Problem 5-21 170,000 – 10,000 Rate in 2007 = = 016 017 10,000,000 258,000 – 20,000 Rate in 2008 = = Retained earnings (.016 x 1,250,000) Allowance for doubtful accounts Allowance – January Recoveries – 2008 Doubtful accounts – 2008 (squeeze) Total Less: Writeoff – 2008 Allowance – December 31 (.017 x 2,000,000) Accounts receivable Less: Allowance for doubtful accounts Net realizable value 14,000,000 20,000 20,000 20,000 10,000 92,000 122,000 88,000 34,000 2,000,000 34,000 1,966,000 Problem 5-22 Allowance – January 1, 2008 Doubtful accounts recorded (2% x 20,000,000) 400,000 Recovery Total Less: Writeoff (300,000 + 100,000) 400,000 Allowance balance before adjustment 500,000 5,000,000 x 5% 2,000,000 x 10% 1,000,000 x 25% 500,000 – 100,000 x 75% 300,000 Required allowance – December 31, 2008 250,000 200,000 250,000 50,000 950,000 550,000 1,000,000 Doubtful accounts 450,000 Allowance for doubtful accounts (1,000,000 – 550,000) 450,000 64 Problem 5-23 Allowance – 1/1/2008 (1% x 2,800,000) 28,000 Allowance – 1/1/2008 Doubtful accounts recorded in 2008 (1% x 3,000,000) Recovery Total Writeoff (27,000) Allowance before adjustment 28,000 30,000 7,000 65,000 300,000 x 1% 80,000 x 5% 60,000 x 20% 25,000 x 80% Required allowance – 12/31/2008 39,000 3,000 4,000 12,000 20,000 Doubtful accounts Allowance for doubtful accounts (39,000 – 38,000) 1,000 38,000 1,000 Problem 5-24 2008 Jan 4,000,000 Loan receivable Cash 4,000,000 Cash Unearned interest income 342,100 342,100 Unearned interest income Cash 150,000 150,000 Dec 31 Cash Interest income 400,000 400,000 Unearned interest income Interest income (10%) (12%) Date Interest received Interest income Carrying value 01/01/2008 3,807,900 12/31/2008 400,000 456,948 3,864,848 12/31/2009 400,000 463,782 3,928,630 12/31/2010 400,000 471,370* 4,000,000 56,948 56,948 Amortization 56,948 63,782 71,370 *12% x 3,928,630 equals 471,435, or a difference of P65 due to rounding 2009 Dec 31 Cash Interest income 400,000 400,000 65 2009 Dec 31 2010 Dec 31 Unearned interest income Interest income Cash Interest income 63,782 63,782 400,000 400,000 Unearned interest income Interest income Cash Loan receivable 4,000,000 Problem 5-25 71,370 71,370 4,000,000 2008 Jan Loan receivable Cash 3,000,000 3,000,000 Direct origination cost Cash 260,300 Cash Direct origination cost 100,000 Cash Interest income 240,000 260,300 100,000 Dec 31 240,000 Interest income Direct origination cost (8%) (6%) Date Interest received Interest income Carrying value 01/01/2008 3,160,300 12/31/2008 240,000 189,618 3,109,918 12/31/2009 240,000 186,595 3,056,513 12/31/2010 240,000 183,487 3,000,000 2009 Dec 31 Cash Interest income 50,382 50,382 Amortization 50,382 53,405 56,513 240,000 240,000 Interest income Direct origination cost 2010 Dec 31 Cash Interest income 53,405 53,405 240,000 240,000 66 2010 Dec 31 Interest income Direct origination cost 56,513 56,513 Cash Loan receivable 3,000,000 3,000,000 Problem 5-26 Requirement December 31, 2009 (1,000,000 x 93) 900,000 December 31, 2010 (2,000,000 x 86) 1,720,000 December 31, 2011 (3,000,000 x 79) 2,370,000 Total present value of loan 5,020,000 Requirement Loan receivable – 12/31/2008 6,000,000 Accrued interest (6,000,000 x 8%) 480,000 Total carrying value 6,480,000 Present value of loan 5,020,000 Impairment loss 1,460,000 Requirement 2008 Impairment loss Accrued interest receivable 480,000 Allowance for loan impairment 980,000 1,460,000 2009 Cash Loan receivable 1,000,000 1,000,000 Allowance for loan impairment Interest income (8% x 5,020,000) 401,600 2010 Cash Loan receivable 2,000,000 Allowance for loan impairment Interest income 353,728 401,600 2,000,000 353,728 Loan receivable – 12/31/2009 5,000,000 Allowance for loan impairment (980,000 – 401,600) ( 578,400) Carrying value – 12/31/2009 4,421,600 Interest income for 2010 (8% x 4,421,600) 353,728 67 2011 Cash Loan receivable 3,000,000 3,000,000 Allowance for loan impairment Interest income 224,672 Loan receivable – 12/31/2010 3,000,000 Allowance for loan impairment (578,400 – 353,672) ( 224,672) Carrying value – 12/31/2010 2,775,328 Interest income for 2011 (8% x 2,775,328) 222,026 Allowance per book 224,672 Difference due to rounding 2,646 Problem 5-27 Requirement December 31, 2009 ( 500,000 445,000 December 31, 2010 (1,000,000 800,000 December 31, 2011 (2,000,000 1,420,000 December 31, 2012 (4,000,000 2,560,000 Total present value of loan 5,225,000 Requirement x 89) x 80) x 71) x 64) 224,672 Loan receivable 7,500,000 Accrued interest receivable (12% x 7,500,000) 900,000 Total carrying value 8,400,000 Present value of loan 5,225,000 Impairment loss 3,175,000 Requirement 2008 Impairment loss Accrued interest receivable Allowance for loan impairment 3,175,000 900,000 2,275,000 2009 Cash Loan receivable 500,000 500,000 Allowance for loan impairment Interest income (12& x 5,225,000) 627,000 627,000 2010 Cash Loan receivable 1,000,000 1,000,000 Allowance for loan impairment Interest income 642,240 642,240 68 Loan receivable – 12/31/2009 7,000,000 Allowance for loan impairment (2,275,000 – 627,000) (1,648,000) Carrying value – 12/31/2009 5,352,000 Interest income for 2010 (12% x 5,352,000) 642,240 Problem 5-28 December 31, 2011 ( 360,000 x 772) 277,920 4,000,000 December 31, 2012 ( 360,000 x 708) 254,880 3,365,360 December 31, 2013 ( 360,000 x 650) 234,000 634,640 December 31, 2014 (4,360,000 x 596) 2,598,560 Total present value of loan 3,365,360 Face value of loan Present value of loan Impairment loss 2008 Cash Interest income 360,000 360,000 Impairment loss Allowance for loan impairment 634,640 634,640 2009 Allowance for loan impairment Interest income (9% x 3,365,360) 302,882 302,882 2010 Allowance for loan impairment Interest income (634,640 – 302,882) 331,758 331,758 2011 Cash Interest income 360,000 360,000 2012 Cash Interest income 360,000 360,000 2013 Cash Interest income 360,000 360,000 2014 Cash Interest income 360,000 Loan receivable 4,000,000 4,360,000 Problem 5-29 12/31/2008 Impairment loss Allowance for loan impairment 338,500 338,500 The remaining term of the loan is years Accordingly, the present value factor for periods is used 69 Present value of principal (500,000 x 735) 367,500 Present value of interest (80,000 x = 400,000 x 735) 294,000 Total present value of loan Loan receivable 661,500 1,000,000 Present value of loan Loan impairment loss 661,500 338,500 12/31/2009 Allowance for loan impairment Interest income (8% x 661,500) 52,920 52,920 Problem 5-30 Answer B Accounts receivable-January Credit sales Collections from customers (5,000,000) Sales return Accounts written off Accounts receivable-December 31 Allowance for doubtful accounts Allowance for sales return 1,300,000 5,500,000 ( 150,000) ( 100,000) 1,550,000 ( 250,000) ( 50,000) Net realizable value 1,250,000 Problem 5-31 Answer A Trade accounts receivable Allowance for doubtful accounts Claim receivable Total trade and other receivables 2,000,000 ( 100,000) 300,000 2,200,000 Problem 5-32 Answer C Accounts receivable (squeeze) Allowance for doubtful accounts (900,000 – 200,000) Net realizable value 6,700,000 ( 700,000) 6,000,000 Problem 5-33 Answer B Allowance – January Doubtful accounts expense Recovery of accounts written off Total Accounts written off Allowance – December 31 300,000 650,000 100,000 1,050,000 450,000 600,000 70 Problem 5-34 Answer D Allowance – January Uncollectible accounts expense (squeeze) Recovery of accounts written off Total Accounts written off (230,000) Allowance – December 31 (2,700,000 – 2,500,000) 200,000 280,000 100,000 50,000 430,000 Problem 5-35 Answer A Allowance – December 2007 Doubtful accounts expense Total Accounts written off (squeeze) Allowance – December 2008 180,000 50,000 230,000 30,000 200,000 Problem 5-36 Answer B –60 days (1,200,000 x 1%) 12,000 61 – 120 days (900,000 x 2%) 18,000 Over 120 days (1,000,000 x 6%) Allowance – December 31, 2008 Allowance – December 31, 2007 Uncollectible accounts expense (squeeze) Recovery Total Accounts written off Allowance – December 31, 2008 60,000 90,000 60,000 80,000 20,000 160,000 ( 70,000) 90,000 Problem 5-37 Answer D Allowance for sales discount (5,000,000 x 2% x 50%) 50,000 Problem 5-38 Answer A Problem 5-39 Answer B Doubtful accounts expense (3% x 3,000,000 + 10,000) 100,000 Problem 5-40 Answer A Doubtful accounts expense (2% x 7,000,000) 140,000 71 Problem 5-41 Answer A Allowance – January Doubtful accounts expense (4% x 5,000,000) Collection of accounts written off Total Accounts written off Allowance – December 31 40,000 200,000 10,000 250,000 30,000 220,000 Problem 5-42 Answer D Allowance – January Doubtful accounts expense (squeeze) Total Accounts written off Allowance – December 31 Problem 5-43 Answer A Problem 5-44 Answer A 250,000 175,000 425,000 205,000 220,000 ... principle Accounting entity Materiality Completeness or standard of adequate disclosure 10 Conservatism or prudence Problem 1-14 10 Materiality Going concern Income recognition principle Accounting. .. for impairment Problem 1-19 Accrual Going concern Accounting entity Monetary unit Time period CHAPTER Problem 2-1 Easy Company Statement of Financial Position December 31, 2008 ASSETS Current... separated from the revenues and cost of regular business operations in order to present fairly the financial position and performance of the regular operations 10 The increase in value of land and

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Mục lục

  • Problem 1-19

  • CHAPTER 2

    • Problem 2-1

    • A S S E T S

    • A S S E T S

    • A S S E T S

    • Cost depr. value

      • Note

      • Note 1 – Net sales revenue

      • Note 2 – Cost of sales

      • 15

      • Note 4 – Selling expenses

      • Note 5 – Administrative expenses

      • Note 6 – Other expenses

      • Natural method

        • Note 1 – Net sales revenue

        • Note 3 – Increase in inventory

          • Note 4 – Net purchases

          • Note 5 – Depreciation

          • Note 6 – Other expenses

          • Problem 2-7

          • Cost of sales method

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