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    Seat Work 01 - Dingcong

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    Jheilson S. Dingcong
    The document provides the requirements to prepare comprehensive income statements for the years 2017 to 2020 for a business. It gives the annual sales amounts, cost of sales percentage, fixed expenses and formulas to calculate other expenses. The income statements show revenues increasing 10% each year, expenses calculated as instructed, and net income after a 30% tax rate. The statements provide the gross profit, total expense and net income after tax for each year as required.

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    Seat Work 01 - Dingcong

    Uploaded by

    Jheilson S. Dingcong
    32 views3 pages
    The document provides the requirements to prepare comprehensive income statements for the years 2017 to 2020 for a business. It gives the annual sales amounts, cost of sales percentage, fixed expenses and formulas to calculate other expenses. The income statements show revenues increasing 10% each year, expenses calculated as instructed, and net income after a 30% tax rate. The statements provide the gross profit, total expense and net income after tax for each year as required.

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    Seat Work 01_Dingcong

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    The document provides the requirements to prepare comprehensive income statements for the years 2017 to 2020 for a business. It gives the annual sales amounts, cost of sales percentage, fixed expenses and formulas to calculate other expenses. The income statements show revenues increasing 10% each year, expenses calculated as instructed, and net income after a 30% tax rate. The statements provide the gross profit, total expense and net income after tax for each year as required.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    32 views3 pages

    Seat Work 01 - Dingcong

    Uploaded by

    Jheilson S. Dingcong
    The document provides the requirements to prepare comprehensive income statements for the years 2017 to 2020 for a business. It gives the annual sales amounts, cost of sales percentage, fixed expenses and formulas to calculate other expenses. The income statements show revenues increasing 10% each year, expenses calculated as instructed, and net income after a 30% tax rate. The statements provide the gross profit, total expense and net income after tax for each year as required.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    College of Business and Accountancy

    ACCTG 311 – Computerized Bookkeeping

    Name: Jheilson S. Dingcong Date: 06/29/2021


    Course & Year: BSBA 3 OM Class Schedule: 6:30 PM to 9:30 PM M-F

    Sales Trend Preparation

    1. Sales is expected to increase by 10% every year.


    2. Cost of Sales 70% of sales
    3. Rent Expense is constant at P12,000 per month.
    4. Utilize expense per month is 1.5% of annual gross profit.
    5. Monthly transportation expense is at P2,000.
    6. Other is equal to 0.9% of gross profit.
    7. Income tax is 30%.
    8. Sales for year 2017 – P3,500,000

    Required:
    1. Prepare a table showing 2020, 2019, 2018, 2017 Comprehensive Income Statement.
    2. Gross profit for
    a. 2020 – P 1,397,550
    b. 2019 – P 1,270,500
    c. 2018 – P 1,155,000
    d. 2017 – P 1,050,000
    3. Net Income After Tax
    a. 2020 – P 675,789
    b. 2019 – P 603,662
    c. 2018 – P 538,093
    d. 2017 – P 478,485
    4. Total Expense
    a. 2020 – P 432,137
    b. 2019 – P 408,125
    c. 2018 – P 386,295
    d. 2017 – P 366,450
    Income Statement
    For the Year Ended December 31, 2017
    Revenues
    Sales 3,500,000
    Cost of Sales 2,450,000
    Gross Profit 1,050,000

    Operating Expenses
    Rent Expense 144,000
    Utilities Expense 189,000
    Transportation Expense 24,000
    Other Expense 9,450
    Total Expenses 366,450

    Net Income before tax 683,550


    Income tax (30%) 205,065
    Net Income after tax 478,485

    Income Statement
    For the Year Ended December 31, 2018
    Revenues
    Sales 3,850,000
    Cost of Sales 2,695,000
    Gross Profit 1,155,000

    Operating Expenses
    Rent Expense 144,000
    Utilities Expense 207,900
    Transportation Expense 24,000
    Other Expense 10,395
    Total Expenses 386,295

    Net Income before tax 768,705


    Income tax (30%) 230,612
    Net Income after tax 538,093
    Income Statement
    For the Year Ended December 31, 2019
    Revenues
    Sales 4,235,000
    Cost of Sales 2,964,500
    Gross Profit 1,270,500

    Operating Expenses
    Rent Expense 144,000
    Utilities Expense 228,690
    Transportation Expense 24,000
    Other Expense 11,435
    Total Expenses 408,125

    Net Income before tax 862,375


    Income tax (30%) 258,713
    Net Income after tax 603,662

    Income Statement
    For the Year Ended December 31, 2020
    Revenues
    Sales 4,658,500
    Cost of Sales 3,260,950
    Gross Profit 1,397,550

    Operating Expenses
    Rent Expense 144,000
    Utilities Expense 251,559
    Transportation Expense 24,000
    Other Expense 12,578
    Total Expenses 432,137

    Net Income before tax 965,413


    Income tax (30%) 289,624
    Net Income after tax 675,789

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