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DIRECTION: Prepare the line items for Adan Merchandising and then prepare the Statement of Comprehensive Income: Noto 1- Cost of Sales Nole 2- Other Income Noto 3- Distribution Conts Note 4 Administrative Expenses Note 5-Other Expenses 1. Additional Information, Ending Inventory is PI60,000,00 2. One half of saleries, rent and depreciation are attributable to the non-sales department. The sales department does not share in the other expenses Dr. Cr. Accounts P2,500,000.00 Sales 110,000.00 Interest income 40,000.00 Gains from Sales of Other Assets P100,000.00 Inventary, beg 500,000.00 Purchases 10,000.00 Freight-in 12,000.00 Purchase retums 13,000.00 Purchase discounts 30,000.00 Freight-out 72,000.00 Sales commission 40,000.00 Advertising expense 650,000.00 Salaries expense 60,000 00 Rent expense 80,000.00 Deprecialion expanse 40,000.00 Uttes experise 20,000.00 Supplies expense 10,000.00 Transportation and travel espense 24,000.00 Insurance expense 150,000.00 Taxes and icenses 4,300.00 Interest expense 2,500.00 Miscellaneous epense 30,000.00 Loss on the sale of equipment

DIRECTION: Prepare the line items for Adan Merchandising and then prepare the Statement of Comprehensive Income: Noto 1- Cost of Sales Nole 2- Other Income Noto 3- Distribution Conts Note 4 Administrative Expenses Note 5-Other Expenses 1. Additional Information, Ending Inventory is PI60,000,00 2. One half of saleries, rent and depreciation are attributable to the non-sales department. The sales department does not share in the other expenses Dr. Cr. Accounts P2,500,000.00 Sales 110,000.00 Interest income 40,000.00 Gains from Sales of Other Assets P100,000.00 Inventary, beg 500,000.00 Purchases 10,000.00 Freight-in 12,000.00 Purchase retums 13,000.00 Purchase discounts 30,000.00 Freight-out 72,000.00 Sales commission 40,000.00 Advertising expense 650,000.00 Salaries expense 60,000 00 Rent expense 80,000.00 Deprecialion expanse 40,000.00 Uttes experise 20,000.00 Supplies expense 10,000.00 Transportation and travel espense 24,000.00 Insurance expense 150,000.00 Taxes and icenses 4,300.00 Interest expense 2,500.00 Miscellaneous epense 30,000.00 Loss on the sale of equipment

FINANCIAL ACCOUNTING
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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DIRECTION: Prepare the line items for Adan Merchandiaing and then preparo the Statoment of Comprebensive Income: Noto 1- Cost of Sales Nole 2- Other Income Noto 3- Distribution Conts Note 4 Administrative Exponses Note 5-Other Expenses 1 Additional Informiation, Ending Inventary is PI60,000.00 2. One half of salaries, rent and depreciation are attributable to the non-sales department. The sales department does not share in the other expenses Accounts Dr. Cr. Sales P 2,500,000.00 Interest income 110.000.00 Gains from Sales of Other Assets 40,000.00 Inventory. beg P100,000.00 Purchases 500,000.00 Freight-in 10,000.00 Purchase retums 12,000.00 Purchase discounts 13,000.00 Freight-out 30,000.00 Sales commission 72,000.00 Advertising expense 40,000.00 Salaries expense 650,000.00 Rent expense 60,000 00 Depreciation expense 80,000.00 Uttes experse 40,000.00 Supplies expense 20,000.00 Transportation and travel expense 10,000.00 Insurance expense 24,000.00 Taxes and icenses 150,000.00 Interest expense 4,300.00 Miscellaneous epense 2,500.00 Loss on the saie of equipment 30,000.00
Transcribed Image Text:DIRECTION: Prepare the line items for Adan Merchandiaing and then preparo the Statoment of Comprebensive Income: Noto 1- Cost of Sales Nole 2- Other Income Noto 3- Distribution Conts Note 4 Administrative Exponses Note 5-Other Expenses 1 Additional Informiation, Ending Inventary is PI60,000.00 2. One half of salaries, rent and depreciation are attributable to the non-sales department. The sales department does not share in the other expenses Accounts Dr. Cr. Sales P 2,500,000.00 Interest income 110.000.00 Gains from Sales of Other Assets 40,000.00 Inventory. beg P100,000.00 Purchases 500,000.00 Freight-in 10,000.00 Purchase retums 12,000.00 Purchase discounts 13,000.00 Freight-out 30,000.00 Sales commission 72,000.00 Advertising expense 40,000.00 Salaries expense 650,000.00 Rent expense 60,000 00 Depreciation expense 80,000.00 Uttes experse 40,000.00 Supplies expense 20,000.00 Transportation and travel expense 10,000.00 Insurance expense 24,000.00 Taxes and icenses 150,000.00 Interest expense 4,300.00 Miscellaneous epense 2,500.00 Loss on the saie of equipment 30,000.00
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