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DIRECTION: Prepare the line items for Adan Merchandising and then prepare tho Comprehensive Income: Note 1- Cost of Sales Nole 2- Other Intome Note 3- Distribution Costs Note 4 Administrative Expenses Note 5-Other Expenses 1. Additional Information, Ending Inventory is P160,000.00 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 Accounts Dr. Cr. Sales P2,500,000.00 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 returns 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 Utiltes expense 40,000.00 Supplies expense 20,000.00 Transportation and travel expense 10,000.00 Insurance expernse 24,000.00 Taxes and licenses 150,000.00 Interest expense 4,300.00 Miscellaneous expense 2,500.00 Loss on the sale of equipment 30,000.00

DIRECTION: Prepare the line items for Adan Merchandising and then prepare tho Comprehensive Income: Note 1- Cost of Sales Nole 2- Other Intome Note 3- Distribution Costs Note 4 Administrative Expenses Note 5-Other Expenses 1. Additional Information, Ending Inventory is P160,000.00 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 Accounts Dr. Cr. Sales P2,500,000.00 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 returns 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 Utiltes expense 40,000.00 Supplies expense 20,000.00 Transportation and travel expense 10,000.00 Insurance expernse 24,000.00 Taxes and licenses 150,000.00 Interest expense 4,300.00 Miscellaneous expense 2,500.00 Loss on the sale of equipment 30,000.00

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 Merchandising and then prepare the Statement of Comprehensive Income: Noto 1- Cost of Sales Nole 2- Other Income Note 3- Distribution Costs Note 4 Administrative Expenses Note 5-Other Expenses 1. Additional Information, Ending Inventory is P160,000.00 2 One half of saleries, rent and depreciation are attributable to the no0-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 returms 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 Utilties expense 40,000.00 Supplies expense 20,000.00 Transportation and travel expense 10,000.00 Insurance expense 24,000.00 Taxes and licenses 150,000.00 Interest expense 4,300.00 Miscelianeous expense 2,500.00 Loss on the sale of equipment 30,000.00
Transcribed Image Text: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 Note 3- Distribution Costs Note 4 Administrative Expenses Note 5-Other Expenses 1. Additional Information, Ending Inventory is P160,000.00 2 One half of saleries, rent and depreciation are attributable to the no0-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 returms 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 Utilties expense 40,000.00 Supplies expense 20,000.00 Transportation and travel expense 10,000.00 Insurance expense 24,000.00 Taxes and licenses 150,000.00 Interest expense 4,300.00 Miscelianeous expense 2,500.00 Loss on the sale of equipment 30,000.00
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