WorksheetsSCI Problem Solving
Total questions: 10
Worksheet time: 20mins
ABC Company reported gross sales of ₱1,200,000. It had sales returns of ₱50,000, sales discounts of ₱30,000, and freight-out of ₱12,000. The company also paid office rent of ₱25,000 during the year. What is the Net Sales for the year?
₱1,150,000
₱1,120,000
₱1,180,000
₱1,133,000
DEF Company started the year with a beginning inventory of ₱100,000. Purchases amounted to ₱300,000, freight-in was ₱20,000, and purchase returns were ₱10,000. It also incurred a sales commission expense of ₱15,000. Ending inventory was ₱80,000.
What is the Cost of Goods Sold?
₱330,000
₱305,000
₱325,000
₱340,000
XYZ Corporation had net sales of ₱800,000. The cost of goods sold was ₱450,000. Selling and distribution expenses were ₱50,000, and general and administrative expenses were ₱100,000. It had an outstanding loan of ₱1,000,000 with 5% interest.
What is the Operating Income?
₱300,000
₱200,000
₱250,000
₱150,000
LMN Services earned ₱900,000 in revenue. Operating expenses were ₱200,000, interest expense was ₱20,000, and income tax was ₱50,000. The company also bought a new truck worth ₱400,000 in December.
What is the Net Income?
₱700,000
₱630,000
₱650,000
₱230,000
ABC Company reported the following: Advertising ₱15,000, Salaries ₱80,000, Insurance ₱20,000, Depreciation on equipment ₱10,000, and utilities (factory) ₱12,000.
What is the total operating expenses, and how much falls under General & Administrative?
₱135,000 total; ₱110,000 G&A
₱125,000 total; ₱110,000 G&A
₱137,000 total; ₱92,000 G&A
₱135,000 total; ₱95,000 G&A
JKL Company had: Delivery ₱12,000, Office Supplies ₱5,000, Sales Commission ₱18,000, Utilities (Office) ₱7,000, and a new conference table purchase of ₱30,000.
What are the totals for Selling & Distribution vs. General & Administrative Expenses?
Selling ₱30,000; G&A ₱12,000
Selling ₱35,000; G&A ₱42,000
Selling ₱18,000; G&A ₱24,000
Selling ₱12,000; G&A ₱18,000
Data: Gross Sales ₱1,000,000, Sales Returns ₱40,000, Discounts ₱10,000, COGS ₱600,000, Selling ₱50,000, Admin ₱70,000, Interest Income ₱5,000, Income Tax ₱25,000. Also, the company bought land worth ₱2,000,000.
What is the Net Income?
₱210,000
₱215,000
₱185,000
₱250,000
A company had gross sales of ₱500,000, sales returns of ₱20,000, and sales discounts of ₱10,000. Cost of goods sold was ₱300,000. A showroom renovation costing ₱150,000 was also completed.
What is the Net Sales and Gross Profit?
₱470,000 Net Sales; ₱170,000 Gross Profit
₱480,000 Net Sales; ₱180,000 Gross Profit
₱500,000 Net Sales; ₱200,000 Gross Profit
₱320,000 Net Sales; ₱20,000 Gross Profit
Data: Net Sales ₱750,000, COGS ₱400,000, Selling ₱70,000, Admin ₱60,000, Other Income ₱10,000, Tax ₱15,000. The company also settled a lawsuit with a one-time ₱100,000 payment.
What is the Operating Income and Net Income?
Operating ₱220,000; Net ₱215,000
Operating ₱250,000; Net ₱240,000
Operating ₱200,000; Net ₱100,000
Operating ₱300,000; Net ₱285,000
The company had the following expenses: Advertising ₱25,000, Delivery Fuel ₱10,000, Office Rent ₱15,000, Sales Commission ₱30,000, Showroom Utilities ₱8,000, Office Utilities ₱7,000. They also spent ₱50,000 on new store signage.
How much are Selling & Distribution vs. General & Administrative Expenses?
Selling ₱73,000; G&A ₱22,000
Selling ₱123,000; G&A ₱22,000
Selling ₱65,000; G&A ₱25,000
Selling ₱70,000; G&A ₱25,000
