2. A portion of the adjusted trial balance for the X Company is shown below: (Make a simple income statement usingthe revenues and expenses only.)Sales (net of Php 8,000 sales discounts and Php 24,500Sales returns and allowances)Cost of goods soldSalaries expenseDepreciation expense-buildingAdvertising expenseOffice supplies expenseGain on disposal of store equipmentInterest expensePhp 210,00038,00040,00Php 417,500 2 A portion of the adjusted trial balance for the X Company is shown below: (Make a simple income statement usingde revenues and expenses only.)Sales (net of Php 8,000 sales discounts and Php 24,500Sales returns and allowances)Cost of goods soldSalaries expenseDepreciation expense-buildingAdvertising expenseOffice supplies expenseGain on disposal of store equipmentInterest expensePhp 210,00038,00040,00012,3003,5001,000Php 417,5003,000

An income statement is one of the financial statements which are prepared and presented at the end…

2 A portion of the adjusted trial balance for the X Company is shown below: (Make a simple income statement using the revenues and expenses only.) Sales (net of Php 8,000 sales discounts and Php 24,500 Sales returns and allowances) Cost of goods sold Salaries expense Depreciation expense-building Advertising expense Office supplies expense Gain on disposal of store equipment Interest expense Php 210,000 38,000 40,000 12,300 3,500 1,000 Php 417,500 3,000

2 A portion of the adjusted trial balance for the X Company is shown below: (Make a simple income statement using the revenues and expenses only.) Sales (net of Php 8,000 sales discounts and Php 24,500 Sales returns and allowances) Cost of goods sold Salaries expense Depreciation expense-building Advertising expense Office supplies expense Gain on disposal of store equipment Interest expense Php 210,000 38,000 40,000 12,300 3,500 1,000 Php 417,500 3,000

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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