5)Pertinent accounts gathered from the records of Heart Company for the year 2021 are given below:PurchasesP 5,250,000.00SalesP 8,000,000.00Purchase returns and allowances150,000.00Sales returns and allowances140,000.00Freight-In500,000.00Sales discounts10,000.00Salesmen's commissions650,000.00Officer's salaries200,000.00Depreciation-Office equipmentDepreciation-WarehouseDepreciation-Store equipment125,000.0015,000.00Inventory, January 11,000,000.0035,000.00Inventory, December 31Rental expense-Store1,500,000.00Utilities55,000.0035,000.00Delivery expense20,000.00Prepare the Statement of Comprehensive Income (Multi-Step Format) of Heart Company for the year endedDecember 31, 2021.

An income statement is a financial report that indicates the revenue and expenses of a business. It…

5) Pertinent accounts gathered from the records of Heart Company for the year 2021 are given below: Purchases P 5,250,000.00 Sales P 8,000,000.00 Purchase returns and allowances 150,000.00 Sales returns and allowances 140,000.00 Freight-In 500,000.00 Sales discounts 10,000.00 Salesmen's commissions 650,000.00 Officer's salaries 200,000.00 Depreciation-Store equipment Depreciation-Office equipment Depreciation-Warehouse Utilities 125,000.00 15,000.00 Inventory, January 1 Inventory, December 31 1,000,000.00 35,000.00 1,500,000.00 55,000.00 Rental expense-Store 35,000.00 Delivery expense 20,000.00 Prepare the Statement of Comprehensive Income (Multi-Step Format) of Heart Company for the year ended December 31, 2021.

5) Pertinent accounts gathered from the records of Heart Company for the year 2021 are given below: Purchases P 5,250,000.00 Sales P 8,000,000.00 Purchase returns and allowances 150,000.00 Sales returns and allowances 140,000.00 Freight-In 500,000.00 Sales discounts 10,000.00 Salesmen's commissions 650,000.00 Officer's salaries 200,000.00 Depreciation-Store equipment Depreciation-Office equipment Depreciation-Warehouse Utilities 125,000.00 15,000.00 Inventory, January 1 Inventory, December 31 1,000,000.00 35,000.00 1,500,000.00 55,000.00 Rental expense-Store 35,000.00 Delivery expense 20,000.00 Prepare the Statement of Comprehensive Income (Multi-Step Format) of Heart Company for the year ended December 31, 2021.

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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