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    Cost of Goods Sold Worksheet

    Uploaded by

    butch listangco
    The document presents the trial balance and adjusting entries for Koh Vida Merchandising for the year ended 2020. It includes account balances for assets, liabilities, equity, revenues and expenses. Additional information provides details on supplies used, expired advertising, accrued salaries, and depreciation expense that need to be recorded through adjusting entries. The requirements are to prepare a worksheet, adjusting and closing entries, post-closing trial balance, compute cost of goods sold and gross profit.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Cost of Goods Sold Worksheet

    Uploaded by

    butch listangco
    1K views4 pages
    The document presents the trial balance and adjusting entries for Koh Vida Merchandising for the year ended 2020. It includes account balances for assets, liabilities, equity, revenues and expenses. Additional information provides details on supplies used, expired advertising, accrued salaries, and depreciation expense that need to be recorded through adjusting entries. The requirements are to prepare a worksheet, adjusting and closing entries, post-closing trial balance, compute cost of goods sold and gross profit.

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    Cost of Goods Sold worksheet

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    Cost of Goods Sold worksheet

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    The document presents the trial balance and adjusting entries for Koh Vida Merchandising for the year ended 2020. It includes account balances for assets, liabilities, equity, revenues and expenses. Additional information provides details on supplies used, expired advertising, accrued salaries, and depreciation expense that need to be recorded through adjusting entries. The requirements are to prepare a worksheet, adjusting and closing entries, post-closing trial balance, compute cost of goods sold and gross profit.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    1K views4 pages

    Cost of Goods Sold Worksheet

    Uploaded by

    butch listangco
    The document presents the trial balance and adjusting entries for Koh Vida Merchandising for the year ended 2020. It includes account balances for assets, liabilities, equity, revenues and expenses. Additional information provides details on supplies used, expired advertising, accrued salaries, and depreciation expense that need to be recorded through adjusting entries. The requirements are to prepare a worksheet, adjusting and closing entries, post-closing trial balance, compute cost of goods sold and gross profit.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    The document shows the trial balance, adjusting entries, and financial statements for Koh Vida Merchandising for the year ended 2020.

    Adjusting entries are made at the end of the accounting period to allocate revenues and expenses to the proper period and accounts.

    The adjusting entries made are to record prepaid expenses, accrued expenses, and depreciation expense.

    The ledger accounts of Koh Vida Merchandising for the year ended

    2020 are as follows:


    Trial Balance Adjusting Entries
    Debit Credit Debit
    Cash 88,000.00
    Accounts Receivable 120,000.00
    Office Supplies 42,000.00
    Prepaid Advertising 75,000.00
    Merchandise Inventory 598,000.00 125,000.00
    Store Building 1,600,000.00
    Store Equipment 570,000.00
    Accumulated Depreciation- Store Building 150,000.00
    Accumulated Depreciation – Store Equipment 100,000.00
    Land 400,000.00
    Accounts Payable 274,000.00
    Salaries Payable
    Mortgage Payable 1,100,000.00
    Vida, Capital 1,510,000.00
    Vida, Drawing 200,000.00

    Sales 4,100,000.00
    Sales discounts 161,000.00
    Sales returns and allowances 187,000.00
    Freight-out 55,000.00
    Purchases 2,143,000.00
    Freight-in 72,000.00
    Purchases Discounts 172,000.00 172,000.00
    Purchases returns and allowances 133,000.00 133,000.00
    Salaries Expense 862,000.00 25,000.00
    Utilities expense 133,000.00
    Insurance Expense 25,000.00
    Interest Expense 208,000.00
    Offce Supplies Expense 15,000.00
    Advertising Expense 25,000.00
    Depreciation Expense 35,000.00
    Cost of Goods Sold 1,785,000.00
    7,539,000.00 7,539,000.00

    Net Income (Loss)

    2,315,000.00

    Additional information:
    a. Office supplies used during the year amounted to
    P15,000.
    b. Advertising expense in the amount of P25,000 has
    expired during the year.
    c. Salaries of P25,000 have accrued as at Dec. 31,
    Additional information:
    a. Office supplies used during the year amounted to
    P15,000.
    b. Advertising expense in the amount of P25,000 has
    expired during the year.
    c. Salaries of P25,000 have accrued as at Dec. 31,
    2020.
    d. Depreciation of the store building and in the office
    equipment amounted to
    P15,000 and P20,000 respectively.
    e. The ending inventory is P723,000.
    Required:
    1. Prepare the worksheet.
    2. Prepare the adjusting and closing entries.
    3. Prepare the post-closing trial balance.
    4. Compute for the cost of goods sold.
    5. Compute the gross profit.

    Cost of Goods Sold

    Merchandise Inventory, Beginning 598,000.00


    Purchases 2,143,000.00
    Purchases Discounts (172,000.00)
    Purchases returns and allowances (133,000.00)
    Net Purchases 1,838,000.00
    Freight-in 72,000.00
    Cost of Goods Available for Sale - 2,508,000.00
    Less: Ending Inventory (723,000.00)
    Cost of Goods Sold 1,785,000.00

    Gross Profit

    Sales 4,100,000.00
    Sales discounts (161,000.00)
    Sales returns and allowances (187,000.00)
    Net Sales 3,752,000.00
    Less: COGS 1,785,000.00
    Gross Profit 1,967,000.00
    sing for the year ended December 31,
    ollows:
    Adjusting Entries
    Credit

    15,000.00
    25,000.00

    15,000.00
    20,000.00

    25,000.00

    2,143,000.00
    72,000.00

    2,315,000.00

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