3. Prepare a single-step Statement of Comprehensive Income using the following: • Revenues – P20,000 • Rent expense - P3,000 Salaries expense – P4,000 Utilities expense – P2,000 Note: Learners can use any business name and the end of the current year for the heading.
3. Prepare a single-step Statement of Comprehensive Income using the following: • Revenues – P20,000 • Rent expense - P3,000 Salaries expense – P4,000 Utilities expense – P2,000 Note: Learners can use any business name and the end of the current year for the heading.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![3. Prepare a single-step Statement of Comprehensive Income using the following:
Revenues – P20,000
Rent expense – P3,000
Salaries expense – P4,000
Utilities expense – P2,000
Note: Learners can use any business name and the end of the current year for the
heading.
4. Prepare a multi-step Statement of Comprehensive Income using the following:
• Sales – P20,000
Cost of Goods Sold – P10,000
• General and administrative expenses - P4,000
• Selling expenses – P2,000
Note: Learners can use any business name and the end of the current year for the
heading.
Self-assessment Questions:
1. Am I able to understand the purpose of the SCI?
2. Can I enumerate the basic elements of the SCI?
3. Am I able to prepare the SCI using the single-step method? Multi-step method?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5ac7de2-eee3-426b-8a14-45132fbf62c3%2F14e30c13-86c9-4c7e-8350-9221a4594383%2Fvegzmc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Prepare a single-step Statement of Comprehensive Income using the following:
Revenues – P20,000
Rent expense – P3,000
Salaries expense – P4,000
Utilities expense – P2,000
Note: Learners can use any business name and the end of the current year for the
heading.
4. Prepare a multi-step Statement of Comprehensive Income using the following:
• Sales – P20,000
Cost of Goods Sold – P10,000
• General and administrative expenses - P4,000
• Selling expenses – P2,000
Note: Learners can use any business name and the end of the current year for the
heading.
Self-assessment Questions:
1. Am I able to understand the purpose of the SCI?
2. Can I enumerate the basic elements of the SCI?
3. Am I able to prepare the SCI using the single-step method? Multi-step method?
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