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    Nicole Calma
    The statement of comprehensive income summarizes the company's revenues and expenses for the period ended December 31, 20XX. It shows total sales of PHP 1,850,000 with deductions for sales returns and discounts, resulting in net sales of PHP 1,787,000. Cost of goods sold was PHP 889,000, with a gross profit of PHP 898,000. Operating expenses totaled PHP 622,500, including selling expenses of PHP 72,000 and general and administrative expenses of PHP 550,500. Other expenses included interest expense and a loss on bond investment, resulting in net income before tax of PHP 646,000. Income tax was PHP 193,800, leaving net income for the period of PHP

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    Activity

    Uploaded by

    Nicole Calma
    63 views5 pages
    The statement of comprehensive income summarizes the company's revenues and expenses for the period ended December 31, 20XX. It shows total sales of PHP 1,850,000 with deductions for sales returns and discounts, resulting in net sales of PHP 1,787,000. Cost of goods sold was PHP 889,000, with a gross profit of PHP 898,000. Operating expenses totaled PHP 622,500, including selling expenses of PHP 72,000 and general and administrative expenses of PHP 550,500. Other expenses included interest expense and a loss on bond investment, resulting in net income before tax of PHP 646,000. Income tax was PHP 193,800, leaving net income for the period of PHP

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    The statement of comprehensive income summarizes the company's revenues and expenses for the period ended December 31, 20XX. It shows total sales of PHP 1,850,000 with deductions for sales returns and discounts, resulting in net sales of PHP 1,787,000. Cost of goods sold was PHP 889,000, with a gross profit of PHP 898,000. Operating expenses totaled PHP 622,500, including selling expenses of PHP 72,000 and general and administrative expenses of PHP 550,500. Other expenses included interest expense and a loss on bond investment, resulting in net income before tax of PHP 646,000. Income tax was PHP 193,800, leaving net income for the period of PHP

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    63 views5 pages

    Activity

    Uploaded by

    Nicole Calma
    The statement of comprehensive income summarizes the company's revenues and expenses for the period ended December 31, 20XX. It shows total sales of PHP 1,850,000 with deductions for sales returns and discounts, resulting in net sales of PHP 1,787,000. Cost of goods sold was PHP 889,000, with a gross profit of PHP 898,000. Operating expenses totaled PHP 622,500, including selling expenses of PHP 72,000 and general and administrative expenses of PHP 550,500. Other expenses included interest expense and a loss on bond investment, resulting in net income before tax of PHP 646,000. Income tax was PHP 193,800, leaving net income for the period of PHP

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    Statement of Comprehensive Income

    for the period ended December 31, 20XX


    in Philippine Peso
    Revenue
    Net Sales
    Sales 1,850,000
    Sales Return and Allowance 45,000
    Sales Discounts 18,000
    Less: Cost of Goods Sold
    Merchandise Inventory, January 1 250,000
    Purchases 910,000
    Add: Freight-in 17,000
    Less: Purchase Return and Allowances 25,000
    Purchase Discounts 13,000
    Net Purchase 889, 000
    Total Goods Available for Sale 1, 139, 000
    Less: Merchandise Inventory, December 31 190,000
    Gross Profit
    Less: Operating Expenses
    Selling Expenses
    General and Administrative Expenses
    Operating Income
    Other Operating Income and Expense
    Less: Interest Expense
    Net Income (Loss)

    Statement of Comprehensive Income


    for the period ended December 31, 20XX
    in Philippine Peso
    Revenue
    Professional Fees
    Gross Profit
    Less: Operating Expenses
    Selling Expenses      15,000
    Store supplies expense      20,000
    Advertising Expense 50,000
    Insurance Expense 24, 500
    Utilities 63, 000
    Depreciation of Building 105, 000
    Sales Salaries and Benefits    265,000
    Depreciation of Store Equipment      80,000
    General and Administrative Expenses
    Depreciation of Office Equipment      65,000
    Office Salaries and Benefits    285,000
    Office Supplies      11,000
    Insurance Expense      10, 500
    Depreciation of Building   45, 000
    Utilities 27, 000
    Operating Income
    Other Operating Income and Expense
    Less: Freight Out
    Interest Expense        8,000
    Loss on Sale of Bond Investment      30,000 38, 000
    Income Before Tax
    *Income Tax
    Net Income (Loss)
    Bilangbilin, capital  P  357,000
    Purchases 910,000
    Sales 1,850,000
    Sales Return and Allowances 45,000
    Sales Discounts 18,000
    Purchase Return and Allowances 25,000
    Purchase Discounts 13,000
    1, 787, 000 Freight – in 17,000
    Freight – out 2,000
    Administrative Expense 45,000
    Selling Expense 72,000
    Merchandise Inventory
       Jan. 1 250,000
       Dec. 31 190,000

    949, 000
    838, 000

    72,000
    45,000
    721, 000

    -2,000
    719, 000
    1,750,000 Advertising   P 50,000
    1,750,000 Freight-Out      15,000
    Insurance      35,000
    Store Supplies      20,000
    Interest Expense        8,000
    Office Supplies      11,000
    Sales Salaries and Benefits    265,000
    Office Salaries and Benefits    285,000
    Professional Fees 1,750,000
    Depreciation of Office Equipment      65,000
    622,500 Depreciation of Store Equipment      80,000
    Depreciation of Building    150,000
    Loss on Sale of Bond Investment      30,000
    Utilities      90,000
    It was estimated that 70% of insurance, building space and utilities used by store. Inco

    443, 500
    684, 000

    -38,000
    646, 000
    193, 800
    452, 200
    nd utilities used by store. Income tax is 30%

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