Instruction: Prepare a Statement of Comprehensive Income using multi-stepapproachWrite your answers on a separate sheet of paper.Below are the accounts of Chris Merchandising for the year ended December 31,2019.4,50012,00013,500Interest IncomeFreight InPurchase DiscountFreight OutSales Commission5,00025,000Salaries and Wages80,000Sales Revenue950,000200,0008,000Merchandise Inventory, End 12/31/19Interest ExpenseOffice Supplies ExpenseSales Salaries ExpenseRent Expense6,00045,00030,00017Sales Discount12,500Purchase Return and Allowances9,000Merchandise Inventory, Beginning 1/1/19Utilities Expense350,00020,0003,6998,000Communication ExpenseAds and Promo-SalesSales Returns and Allowances6,250Depreciation ExpenseInsurance ExpenseBad Debts Expense7,0005,0002,500Purchases350,000Note: 20% of rent, utilities and depreciation expenses pertain to the salesoffice while the rest pertain to the corporate office. Provision for income tax is30%.

Meaning of Multi Step Income Statement Multi-step income statements are one of the two income…

Instruction: Prepare a Statement of Comprehensive Income using multi-step approach e. Write your answers on a separate sheet of paper. Below are the accounts of Chris Merchandising for the year ended December 31, 2019. Interest Income 4,500 Freight In 12,000 Purchase Discount 13,500 Freight Out Sales Commission 5,000 25,000 Salaries and Wages 80,000 Sales Revenue 950,000 Merchandise Inventory, End 12/31/19 Interest Expense Office Supplies Expense Sales Salaries Expense Rent Expense 200,000 8,000 6,000 45,000 30,000 17 Sales Discount 12,500 Purchase Return and Allowances 9,000 Merchandise Inventory, Beginning 1/1/19 Utilities Expense Communication Expense 350,000 20,000 3,699 Ads and Promo-Sales 8,000 Sales Returns and Allowances 6,250 Depreciation Expense Insurance Expense Bad Debts Expense 7,000 5,000 2,500 Purchases 350,000 Note: 20% of rent, utilities and depreciation expenses pertain to the sales office while the rest pertain to the corporate office. Provision for income tax is 30%.

Instruction: Prepare a Statement of Comprehensive Income using multi-step approach e. Write your answers on a separate sheet of paper. Below are the accounts of Chris Merchandising for the year ended December 31, 2019. Interest Income 4,500 Freight In 12,000 Purchase Discount 13,500 Freight Out Sales Commission 5,000 25,000 Salaries and Wages 80,000 Sales Revenue 950,000 Merchandise Inventory, End 12/31/19 Interest Expense Office Supplies Expense Sales Salaries Expense Rent Expense 200,000 8,000 6,000 45,000 30,000 17 Sales Discount 12,500 Purchase Return and Allowances 9,000 Merchandise Inventory, Beginning 1/1/19 Utilities Expense Communication Expense 350,000 20,000 3,699 Ads and Promo-Sales 8,000 Sales Returns and Allowances 6,250 Depreciation Expense Insurance Expense Bad Debts Expense 7,000 5,000 2,500 Purchases 350,000 Note: 20% of rent, utilities and depreciation expenses pertain to the sales office while the rest pertain to the corporate office. Provision for income tax is 30%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Godo Subject: acounting
i need help August 15 to august 30 please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Prepare a cost of goods sold schedule (periodic method)
Owe
Make a Journal Entry to each transactions below: Date June 2, 2020 Purchased 250 units of merchandise at P30 per unit and paid P7,500 in cash June 7, 2020 Sold merchandise for P1,000 June 10, 2020 Sold merchandise for P2,000 on account June 14, 2020 Paid rent in advance P5,000 as downpayment and the remaining balance of P5,000 to be paid at the end of the month. June 19, 2020 Received electricity bill amounting to P1,500. June 21, 2020 Sold goods amounting to P3,000 June 24, 2020 Sold goods on account for P5,000 June 27, 2020 Purchased supplies worth P500. June 29, 2020 Paid salary to employees of P1,000 June 30, 2020 Paid the remaining balance of P5,000 for rent.
The question in the picture please
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…
Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder's Materials, $30,000. 3 Purchased merchandise for cash, $24,000. * Sold merchandise on account to Champa Construction for $50,000. The merchandise cost $37,500. Prepare journal entries under the perpetual inventory system. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 June 1 2 3 3 4 June 3 4 6. 6. June 5 7 8. 8. 9. 10 June 5 10 11 11 12 12
Journalize the transaction using the perpetual inventory system,,,,,,,,,,,,,, please answer in text form without image every entry should be narrated
Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.
The following are accounts taken from the books of WEI LONG TRADING for year ended December 31, 2021. Prepare a multi-step income statement based on the given facts with corresponding notes. Sales Purchases Merchandise Inventory, Jan. 1 Sales Return & Allowances Sales Discount Purchases Return & Allowances Purchases Discount Freight In Merchandise Inventory, Dec. 31 Advertising expense Sales Salaries Freight-out Utilities Expense - Store 450,000 284,000 80,000 18,000 12,000 2,800 14,000 12,000 6,000 88,000 18,000 74,000 14,200 Utilities Expense - Office Office Supplies Doubtful accounts Expense Dividends Income Rent Income Interest Expense Discount Lost Store supplies Office Salaries 4,800 2,400 7,200 50,000 40,000 16,000 1,600 6,000 22,000