Activity # 1 Presented below are the income statement accounts for Troops Store. Prepare a multi-step statement of comprehensive income for Troops Store for year ended December 31, 2019. Sales Return and Allowances Php 10,000.00 Officer's Salaries 40,000.00 Depreciation- Building 10,000.00 Advertising 30,000.00 Other expenses 1,000.00 Sales Discounts 5,000.00 Cost of Goods Sold 275,000.00 Interest Expense 4,000.00 Transportation and Travel 10,000.00 Depreciation- Delivery Truck 5,000.00 Sales 400,000.00 Insurance 10,000.00 Rent 20,000.00 Sales Salaries 20,000.00 Questions: 1. For company above, compute return on sales (Net Income/ Net Sales) and comment on the results. Return on sales: 2. Does a low return on sales indicate a weak company ? (Y/N). Explain your answer. 3. Do greater Net sales always result in greater net income? (Y/N) Why? 4. Examine the financial information above and comment on one item that you find interesting. Holistic Rubrics for Essay: Quality of Writing-20% Grammar, Usage and Mechanics -30% Content - Neatness - Total 40% 10% 100%

Activity # 1 Presented below are the income statement accounts for Troops Store. Prepare a multi-step statement of comprehensive income for Troops Store for year ended December 31, 2019. Sales Return and Allowances Php 10,000.00 Officer's Salaries 40,000.00 Depreciation- Building 10,000.00 Advertising 30,000.00 Other expenses 1,000.00 Sales Discounts 5,000.00 Cost of Goods Sold 275,000.00 Interest Expense 4,000.00 Transportation and Travel 10,000.00 Depreciation- Delivery Truck 5,000.00 Sales 400,000.00 Insurance 10,000.00 Rent 20,000.00 Sales Salaries 20,000.00 Questions: 1. For company above, compute return on sales (Net Income/ Net Sales) and comment on the results. Return on sales: 2. Does a low return on sales indicate a weak company ? (Y/N). Explain your answer. 3. Do greater Net sales always result in greater net income? (Y/N) Why? 4. Examine the financial information above and comment on one item that you find interesting. Holistic Rubrics for Essay: Quality of Writing-20% Grammar, Usage and Mechanics -30% Content - Neatness - Total 40% 10% 100%

Name: Activity # 1Presented below are the income statement accounts for Tro
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Description: Activity # 1Presented below are the income statement accounts for Troops Store. Prepare amulti-step statement of comprehensive income for Troops Store for year endedDecember 31, 2019.Sales Return and AllowancesPhp 10,000.00Officer's Salaries40,000.0

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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