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From the following da ta, prepare a multi-step Income Statement for ABC Company for the year ended December 31, 2007 Cash on hand 92,000.00 Account Receivable 58,000.00 Mechandise Inventory, Jan. 1 Office Equipment Accounts Payable Notes Payable Cosme, Capital Cosme, Drawing Sales 10,000.00 9,000.00 12,000.00 5,000.00 100,500.00 2,000.00 350,000.00 1,000.00 Sales Discount Sales Returns and Allowances 2,000.00 250,000.00 2,000.00 2,500.00 1,500.00 Purchases Purchase Discount Purchase Returns and Allowances Freight-in 1,500.00 36,000.00 Taxes and Licenses Salaries Expense Supplies Expenses Freigh- Out Advertising Expenses 2,000.00 3,000.00 3,000,00 Interest Income 1,000.00 Interest Expense Note: The merchandise inventory on December 31, 2007 was P20,000.00 2,000.00

From the following da ta, prepare a multi-step Income Statement for ABC Company for the year ended December 31, 2007 Cash on hand 92,000.00 Account Receivable 58,000.00 Mechandise Inventory, Jan. 1 Office Equipment Accounts Payable Notes Payable Cosme, Capital Cosme, Drawing Sales 10,000.00 9,000.00 12,000.00 5,000.00 100,500.00 2,000.00 350,000.00 1,000.00 Sales Discount Sales Returns and Allowances 2,000.00 250,000.00 2,000.00 2,500.00 1,500.00 Purchases Purchase Discount Purchase Returns and Allowances Freight-in 1,500.00 36,000.00 Taxes and Licenses Salaries Expense Supplies Expenses Freigh- Out Advertising Expenses 2,000.00 3,000.00 3,000,00 Interest Income 1,000.00 Interest Expense Note: The merchandise inventory on December 31, 2007 was P20,000.00 2,000.00

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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Prepare the Multi Step Statement of Comprehensive Income 

From the following da ta, prepare a multi-step Income Statement for ABC Company for the year ended December 31, 2007 Cash on hand 92,000.00 Account Receivable 58,000.00 Mechandise Inventory, Jan. 1 Office Equipment Accounts Payable Notes Payable Cosme, Capital 10,000.00 9,000.00 12,000.00 5,000.00 100,500.00 Cosme, Drawing 2,000.00 Sales 350,000.00 Sales Discount 1,000.00 Sales Returns and Allowances 2,000.00 Purchases 250,000.00 Purchase Discount 2,000.00 Purchase Returns and Allowances 2,500.00 1,500.00 1,500.00 36,000.00 2,000.00 Freight-in Taxes and Licenses Salaries Expense Supplies Expenses Freigh- Out Advertising Expenses 3,000.00 3,000.00 Interest Income 1,000.00 Interest Expense Note: The merchandise inventory on December 31, 2007 was P20,000.00 2,000.00
Transcribed Image Text:From the following da ta, prepare a multi-step Income Statement for ABC Company for the year ended December 31, 2007 Cash on hand 92,000.00 Account Receivable 58,000.00 Mechandise Inventory, Jan. 1 Office Equipment Accounts Payable Notes Payable Cosme, Capital 10,000.00 9,000.00 12,000.00 5,000.00 100,500.00 Cosme, Drawing 2,000.00 Sales 350,000.00 Sales Discount 1,000.00 Sales Returns and Allowances 2,000.00 Purchases 250,000.00 Purchase Discount 2,000.00 Purchase Returns and Allowances 2,500.00 1,500.00 1,500.00 36,000.00 2,000.00 Freight-in Taxes and Licenses Salaries Expense Supplies Expenses Freigh- Out Advertising Expenses 3,000.00 3,000.00 Interest Income 1,000.00 Interest Expense Note: The merchandise inventory on December 31, 2007 was P20,000.00 2,000.00
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