Case I. Statement of Comprehensive Income Dela Pax Company's trial balance reflected the following account balances on December 31, 2X21: Net sales P8,000,000 250,000 5,000,000 60,000 100,000 600,000 70,000 Share of profit of associates Cost of goods sold Interest income Gain on sale of machinery Revaluation surplus during the year Finance cost Distribution costs Administrative expenses Translation loss on foreign operation Income tax expense Income from discountinued operations 120,000 240,000 100,000 894,000 400,000 Required: Compute for the following a. Gross income b. Income from continuing operations c. Comprehensive income
Case I. Statement of Comprehensive Income Dela Pax Company's trial balance reflected the following account balances on December 31, 2X21: Net sales P8,000,000 250,000 5,000,000 60,000 100,000 600,000 70,000 Share of profit of associates Cost of goods sold Interest income Gain on sale of machinery Revaluation surplus during the year Finance cost Distribution costs Administrative expenses Translation loss on foreign operation Income tax expense Income from discountinued operations 120,000 240,000 100,000 894,000 400,000 Required: Compute for the following a. Gross income b. Income from continuing operations c. Comprehensive income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Case I. Statement of Comprehensive Income
Dela Pax Company's trial balance reflected the following account balances on December 31, 2X21:
Net sales
P8,000,000
250,000
5,000,000
60,000
100,000
600,000
70,000
120,000
240,000
100,000
894,000
Share of profit of associates
Cost of goods sold
Interest income
Gain on sale of machinery
Revaluation surplus during the year
Finance cost
Distribution costs
Administrative expenses
Translation loss on foreign operation
Income tax expense
Income from discountinued operations
400,000
Required:
Compute for the following
a. Gross income
b. Income from continuing operations
c. Comprehensive income
Case II. Statement of Changes in Equity
On February 1, 2X16, the balance of the retained earnings account of Blue Power Corporation was P315,000.
Revenues for February totaled P61,000, of which P57,500 was collected in cash. Expenses for February totaled
P65,000, of which P54,000 was paid in cash. Dividends declared and paid during February were P6,000.
Required
• Calculate the retained earnings balance at February 28, 2X16.
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