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Kindly prepare a statement of comprehensive income using the multi-step approach and function of expense method. Thank you :)

Kindly prepare a statement of comprehensive income using the multi-step approach and function of expense method. Thank you :)

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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Kindly prepare a statement of comprehensive income using the multi-step approach and function of expense method. Thank you :)

Additional information: a. Ending inventory is P90,000. b. One-fourth of the salaries, rent, and depreciation expenses pertain to the non-sales department. The sales department does not share in the other expenses.
Transcribed Image Text:Additional information: a. Ending inventory is P90,000. b. One-fourth of the salaries, rent, and depreciation expenses pertain to the non-sales department. The sales department does not share in the other expenses.
The trial balance of Rommel SP Corp. shows the following information: on December 31, 20x1 Accounts Dr. Cr. Sales P739,000 Interest income 45,000- Gains 15,000 Inventory, beg. Purchases P65,000 180,000 Freight-in 10,000 Purchase returns 5,000 Purchase discounts 9,000 Freight-out 30,000 Sales commission 45,000 Advertising expense - Salaries 25,000 240,000 expense Rent expense 30,000 Depreciation expense 50,000 Utilities 25,000 expense Supplies expense Transportation and travel expense Insurance expense 15,000 15,000 10,000 60,000 Taxes and licenses Interest expense Miscellaneous expense Loss on the sale of equipment Totals 5,000 3,000 5,000 P813,000 P813,000
Transcribed Image Text:The trial balance of Rommel SP Corp. shows the following information: on December 31, 20x1 Accounts Dr. Cr. Sales P739,000 Interest income 45,000- Gains 15,000 Inventory, beg. Purchases P65,000 180,000 Freight-in 10,000 Purchase returns 5,000 Purchase discounts 9,000 Freight-out 30,000 Sales commission 45,000 Advertising expense - Salaries 25,000 240,000 expense Rent expense 30,000 Depreciation expense 50,000 Utilities 25,000 expense Supplies expense Transportation and travel expense Insurance expense 15,000 15,000 10,000 60,000 Taxes and licenses Interest expense Miscellaneous expense Loss on the sale of equipment Totals 5,000 3,000 5,000 P813,000 P813,000
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