4. Prepare a multi-step Statement of Comprehensive Income using the following:Sales – P20,000• Cost of Goods Sold – P10,000General and administrative expenses – P4,000Selling expenses – P2,000Note: Learners can use any business name and the end of the current year for theheading.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? 2. Compute for the Cost of Goods Sold using the following:• Sales – P15,000Purchases – P2,000Purchase returns – P200• Purchase discounts – P200• Freight in – P100• Beginning inventory – P1,000• Ending inventory – P500

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Answered: 4. Prepare a multi-step Statement of…

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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Compute for Net Profit Margin for Year 1: The Derkins Corporation had the following information available: Year 3 Year 2 Year 1 Income Statement Revenue Cost of goods sold Selling & admin. expenses Interest expense Net Income 30,848 23,122 6,082 504 1,140 27,433 20,938 5,053 458 984 25,512 19,875 4,672 350 615 Balance Sheet Assets Cash Accounts receivable Inventory Property and equip. (net) Total Assets 681 506 3,200 3,281 7,668 354 587 2,627 2,810 6,378 589 412 2,245 2,514 5,760 Liabilities Accounts payable Unredeemed gift cards Long-term liabilities 373 469 358 410 280 385 2,643 3,234 2,824 Stockholders' Equity Common stock Retained earnings Total Liabilities and Equity 985 985 985 2,607 7,668 1,801 6,378 1,467 5,760 Note: Use two Decimal Points and use Percent (%) if Necessary
26 )
If the gross profit 196 000 ID, other revenue and gains 4 360 ID , operating expenses 143.900 ID, net purchases 1200000ID the net profit is:
a company has net sales of 814100 and cost of goods sold of 588100 its net income is 32410 the company’s gross margin and operating expenses respectively
Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.
With the given statement of comprehensive income below, conduct a vertical analysis.
With the give statement of comprehensive income below, conduct a horizontal analysis.
Prepare Income statement Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold Cash Other expenses $30,000 3,000 4,000 5,500 10,000 13,500 12,000 7,000
If the gross profit 196 000 ID , other revenue and gains 4 360 ID , operating expenses 143.900 ID , net purchases 120 000 ID , the net profit is:-

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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