Enrichment Activity 4-2. Preparing the Income Statement Accounts selected from the Dec. 31, 2021 trial balance of Bartolome Pozon Trader are listed below: P 9,630,000 4,720,000 2,170,000 1,430,000 1,140,000 920,000 Sales Purchases Merchandise Inventory, 1/1/2021 Merchandise Inventory, 12/31/2021 Salaries Exp- Selling Salaries Exp- General Office Supplies Exp Depreciation Exp- Office Equipment Sales Returns and Allowances Insurance Exp Sales Discounts Transportation Expense Depreciation Exp- Store Equipment Purchases Returns and Allowances 460,000 320,000 280,000 55,000 210,000 170,000 160,000 110,000 Selling Supplies Exp Purchases Discounts Freight In | Miscellaneous Exp 80,000 70,000 50,000 30,000 Required: Prepare the income statement using the function of expense method (multi step)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Enrichment Activity 4-2. Preparing the Income Statement
Accounts selected from the Dec. 31, 2021 trial balance of Bartolome Pozon Traders
are listed below:
P 9,630,000
4,720,000
Sales
Purchases
Merchandise Inventory, 1/1/2021
Merchandise Inventory, 12/31/2021
Salaries Exp- Selling
Salaries Exp- General
Office Supplies Exp
Depreciation Exp- Office Equipment
Sales Returns and Allowances
Insurance Exp
Sales Discounts
Transportation Expense
Depreciation Exp- Store Equipment
Purchases Returns and Allowances
Selling Supplies Exp
Purchases Discounts
Freight In
Miscellaneous Exp
2,170,000
1,430,000
1,140,000
920,000
460,000
320,000
280,000
55,000
210,000
170,000
160,000
110,000
80,000
70,000
50,000
30,000
Required: Prepare the income statement using the function of expense
method (multi step)
Transcribed Image Text:Enrichment Activity 4-2. Preparing the Income Statement Accounts selected from the Dec. 31, 2021 trial balance of Bartolome Pozon Traders are listed below: P 9,630,000 4,720,000 Sales Purchases Merchandise Inventory, 1/1/2021 Merchandise Inventory, 12/31/2021 Salaries Exp- Selling Salaries Exp- General Office Supplies Exp Depreciation Exp- Office Equipment Sales Returns and Allowances Insurance Exp Sales Discounts Transportation Expense Depreciation Exp- Store Equipment Purchases Returns and Allowances Selling Supplies Exp Purchases Discounts Freight In Miscellaneous Exp 2,170,000 1,430,000 1,140,000 920,000 460,000 320,000 280,000 55,000 210,000 170,000 160,000 110,000 80,000 70,000 50,000 30,000 Required: Prepare the income statement using the function of expense method (multi step)
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