Transcribed Image Text: The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT P764,985 8,200 5,465 |Sales Purchase Discount Purchase Returns

Transcribed Image Text: The following are taken from the record of ABM Company for the year ended December 31,
20X2:
DEBIT
CREDIT
P764,985
8,200
5,465
|Sales
Purchase Discount
Purchase Returns and allowances
Purchases
Freight-in
Sales discount
Sales returns and allowances
Depreciation Expense
Amortization expense
Salaries Expense
Utilities Expense
Advertising Expense
Rent Expense
Interest Income
Interest Expense
Gain on sale of PPE
Bad Debts Expense
459,990
9,180
13,300
5,455
25,000
10,000
80,000
55,000
35,000
60,000
5,444
5,677
5.465
???
• Based on actual physical count, inventory balance are as follows:
| January 1, 20X2
P25,455
December 31, 20X2
P20,765
• Bad debts expense is 4% of net sales. Classify the bad debt expense as
general and administrative expense. Transcribed Image Text: Determine the following by preparing a multi-step form of SCI.
a. Net Sales
b. Net Purchases
c. Cost of goods sold
d. Bad debts expense
e. Gross Profit
f. Total Expenses
g. Net Income/Loss

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