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    Fabm 2: LEARNING ACTIVITIES - Statement of Comprehensive Income (SCI)

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    Cameron Velasco
    The document contains learning activities focused on statements of comprehensive income and cost of goods sold calculations. It includes multiple examples of calculating net income, general and administrative expenses, cost of goods available for sale, net sales, net purchases, and ending inventory. The answers provided compute the requested values in each example using basic accounting equations.

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    Fabm 2: LEARNING ACTIVITIES - Statement of Comprehensive Income (SCI)

    Uploaded by

    Cameron Velasco
    256 views2 pages
    The document contains learning activities focused on statements of comprehensive income and cost of goods sold calculations. It includes multiple examples of calculating net income, general and administrative expenses, cost of goods available for sale, net sales, net purchases, and ending inventory. The answers provided compute the requested values in each example using basic accounting equations.

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    fabm lesson 1

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    The document contains learning activities focused on statements of comprehensive income and cost of goods sold calculations. It includes multiple examples of calculating net income, general and administrative expenses, cost of goods available for sale, net sales, net purchases, and ending inventory. The answers provided compute the requested values in each example using basic accounting equations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    256 views2 pages

    Fabm 2: LEARNING ACTIVITIES - Statement of Comprehensive Income (SCI)

    Uploaded by

    Cameron Velasco
    The document contains learning activities focused on statements of comprehensive income and cost of goods sold calculations. It includes multiple examples of calculating net income, general and administrative expenses, cost of goods available for sale, net sales, net purchases, and ending inventory. The answers provided compute the requested values in each example using basic accounting equations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    FABM 2

    LEARNING ACTIVITIES – Statement of Comprehensive Income (SCI)

    Focus on single-step approach SCI and the general administrative and selling expenses
    parts of the multi-step SCI.
    1. Learning is Fun Company generated revenues amounting to Php 100,000. Expenses for
    the year totaled Php 76,000. How much is the company’s net income for the year?

    2. Happy Selling Company’s salaries to sales agents amounted to Php 10,000. Salaries of
    accountants amounted to Php 20,000. No other expenses were incurred. How much is the
    company’s general and administrative expense?

    Focus on the computation of net sales, net purchases, net cost of purchases, cost of goods
    available for sale and Cost of Goods Sold.
    1. Happy Selling’s beginning inventory amounted to 250,000. Net purchases amounted to
    70,000. Freight In totalled 15,000. Compute for the company’s cost of goods available
    for sale.
    2. Happy Selling’s Sales amounted to Php 500,000. Sales returns and sales discounts
    amounted to Php 30,000 and Php 10,000 respectively. Purchases of the company totaled
    Php 100,000 while purchase returns and purchase discounts amounted to Php 20,000 and
    Php 10,000 respectively. How much is the company’s Net Sales? Net Purchases?

    Focus on the computation of elements within the Cost of Goods Sold wherein the Cost of
    Goods Sold is given or the net income is given.
    1. Company’s Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled
    Php 85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php
    500,000. Compute for the company’s Ending Inventory.
    2. Gross profit of Happy Selling amounted to Php 175,000. Beginning Inventory totaled Php
    250,000. Ending Inventory amounted to Php 50,000 while Net Cost of Purchases totaled
    Php 85,000. Compute for Happy’s Net Sales.

    ANSWERS:

    1. Revenues - Expenses = Net Income


    100,000 - 76,000 = 24,000

    24,000 - Company’s net income for the year

    2.
    20,000 + 10,000 = 30,000 - company’s general and administrative expense
    1.
    250,000 + 70,000 + 15,000 = 335,000 - company’s cost of goods for sale
    2.
    30,000 + 10,000 = 40,000
    500,000 - 40,000 = 460,000 - Net Sales
    20,000 + 10,000 = 30,000
    100,000 - 30,000 = 70,000 - Net Purchases

    1.
    285,000 - 85,000 = 200,000
    500,000 - 250,000 = 250,000

    250,000
    - 200,000
    50,000 - Company’s Ending Inventory

    2.
    175,000 + 250,000 + 85,000 = 510,000

    510,000
    - 50,000
    460,000 - Happy Net’s Sales

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