2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the end of June 2020, you collected the ff: a. Sales, per cash register records, totaled P470,000. There was a sale on credit of P7,500. b. With the help of a friend Jefer who is an accountancy student, you determined that the costs of goods sold during June was P160,000. C During the month, you paid P140,000 for salaries, rent, ads. And other expenses. Utilities of P6,800 for June was unpaid because of late billing. What is the profit for June 2021?
2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the end of June 2020, you collected the ff: a. Sales, per cash register records, totaled P470,000. There was a sale on credit of P7,500. b. With the help of a friend Jefer who is an accountancy student, you determined that the costs of goods sold during June was P160,000. C During the month, you paid P140,000 for salaries, rent, ads. And other expenses. Utilities of P6,800 for June was unpaid because of late billing. What is the profit for June 2021?
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...
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![2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the
end of June 2020, you collected the ff:
a. Sales, per cash register records, totaled P470,000. There was a sale on credit of P7,500.
b. With the help of a friend Jefer who is an accountancy student, you determined that the
costs of goods sold during June was P160,000.
C During the month, you paid P140,000 for salaries, rent, ads. And other expenses. Utilities of
P6,800 for June was unpaid because of late billing. What is the profit for June 2021?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F097571f6-5336-42a3-821b-2ffa30ff59fb%2F5fe9fabc-6681-4fb4-b7d8-6f950e0ed806%2Fzym8zf9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the
end of June 2020, you collected the ff:
a. Sales, per cash register records, totaled P470,000. There was a sale on credit of P7,500.
b. With the help of a friend Jefer who is an accountancy student, you determined that the
costs of goods sold during June was P160,000.
C During the month, you paid P140,000 for salaries, rent, ads. And other expenses. Utilities of
P6,800 for June was unpaid because of late billing. What is the profit for June 2021?
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