LICEO DE DAVAO COLLEGE

BRIZ DISTRICT, TAGUM CITY

MID-TERM EXAM
August 22, 2018

1. THE SALES OF NCCC DEPARTMENT STORE LAST MONTH WERE 1,356,255.50 AT THE START OF THE MONTH
THE INVENTORY WAS 555,421.00. NET DURING THE MONTH WERE 212, 000. EXPENSES FOR THE MONTH
WERE 86,321.00 FOR THE INSURANCES 32,983, WAGES OF THE DEPARTMENT HEAD 55,032.00, AND TAXES
OF THE COMPANY 11,230.00. THE COMPANY GAVE SALES DISCOUNT OF 9,212.00 AND ALLOWANCES
OF THE COMPANY 65, 321.THE INVENTORY AT THE END OF THE MONTH AMOUNTED 231,520 FIND THE
FOLLOWING
A. COST OF GOODS AVAILABLE FOR SALES
B. COST OF GOODS SOLD
C. NET SALES
D. GROSS INCOME
E. NET INCOME

2. NCCC DEPARTMENT SOLD A TOTAL OF 3,265,260 FOR THE MONTH OF JULY 2003. SALES RETURN TOTALED
90,000.00 AND IT GAVE DISCOUNTS AMOUNTING TO 35, 200. THE COMPANY COST OF SALES WAS
1,841,000 AND ITS OPERATING EXPENSES AMOUNTED TO 628,200. PREPARE AN INCOME STATEMENT.

3. MARITES CREDIT CARD STATEMENT SHOWED THE FOLLOWING TRANSACTION DURING THE MONTH OF
OCTOBER 1-31, 2018 WITH THE INTEREST RATE IS 2.3 PER MONTH.

Step 1 Find the balance as of each transaction

Step 2 Find the number of days for each balance
Step 3 Multiply the balances by the number of days and find sum
Step 4 Divide the sum by the number of days in the month
Step 5 Find the finance charge (multiply the average daily balance by the monthly rate)
Step 6 Find the new balance (add the finance charge to the balance as of the last trans.)