Which is an appropriate date for a statement of financial position?

Which of the following is not a permanent account?

The company presented the following in order to aid the accountant in preparing the CFS: a. Net income: P200,000 b. Depreciation expense : P 25,000 c. Gain on sale of property and equipment: P200,000 d. Decrease in trade and other receivables: P 70,000 e. Purchase of property and equipment: P100,000 f. Payment of loan from bank: P150,000 How much is the cash generated/used in financing activities?

Given the following data, answer the following question. Sales – 15,000 Sales discount – 350 Purchases – 2,000 Purchase returns – 200 Purchase discounts – 200 Freight in – 100 Beginning inventory – 1,000 Ending inventory – 500 How much is the total cost of goods sold?

Classify the following as permanent or temporary account.

Identifying the ending inventory is not needed in the computation of the cost of goods sold.

Are accounts that are presented under the assets portion of the SFP but are reductions to the company’s assets.