1. Prepare Income Statement2. Prepare schedule for net sales Prepare the Income Statement for DEF Manufacturing Company, dated December 31, 2022.Data is as follows:Cash Sales is P300,000Credit Sales is P450,000• Sales Discounts availed by customers is P60,000Sales Returns is P50,000Cost of Goods Sold amounted to P340,000Operating Expenses totaled P45,000.Non-operating Expenses amounted to P20,000

Income statement is a component of financial reports which shows the operational results of a…

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Business

Accounting

1. Prepare Income Statement 2. Prepare schedule for net sales

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. Prepare Income Statement

2. Prepare schedule for net sales

Prepare the Income Statement for DEF Manufacturing Company, dated December 31, 2022.
Data is as follows:
Cash Sales is P300,000
Credit Sales is P450,000
• Sales Discounts availed by customers is P60,000
Sales Returns is P50,000
Cost of Goods Sold amounted to P340,000
Operating Expenses totaled P45,000.
Non-operating Expenses amounted to P20,000

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