Does "commission income" go onto the Statement of Comprehensive income?We usually capture interest income on it, but have never had a question before where we had another income type other than the usual sales and rent income.thanks Mortgage loan: Leo Bank (18% p.a.)160 000Nominal accounts sectionSales1 000 000Cost of sales480 000Sales returns8 000Salaries and wages178 000Bad debts2 000Stationery4 000Rent expense42 880Motor expenses34 000Bad debts recovered2 000Telephone14 000Electricity and water24 000Bank charges6 000Insurance12 000Interest on mortgage loan26 400Commission income10 0001811 8001811 800

Net profit means the difference between the income and expenses. Financial statement means the…

Does "commission income" go onto the Statement of Comprehensive income? We usually capture interest income on it, but have never had a question before where we had another income type other than the usual sales and rent income. thanks

Does "commission income" go onto the Statement of Comprehensive income? We usually capture interest income on it, but have never had a question before where we had another income type other than the usual sales and rent income. thanks

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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Question

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Does "commission income" go onto the Statement of Comprehensive income?

We usually capture interest income on it, but have never had a question before where we had another income type other than the usual sales and rent income.

thanks

Mortgage loan: Leo Bank (18% p.a.)
160 000
Nominal accounts section
Sales
1 000 000
Cost of sales
480 000
Sales returns
8 000
Salaries and wages
178 000
Bad debts
2 000
Stationery
4 000
Rent expense
42 880
Motor expenses
34 000
Bad debts recovered
2 000
Telephone
14 000
Electricity and water
24 000
Bank charges
6 000
Insurance
12 000
Interest on mortgage loan
26 400
Commission income
10 000
1811 800
1811 800

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