Make a Statement of Comprehensive Income.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Make a Statement of Comprehensive Income.
PROBLEM #3 THE FOLLOWING ARE THE ACCOUNTS
COF MARIES MERCHANDISING FOR JULY 31, 2016
• SALES
P1,000,000
SALARIES EXPENSE
P20,000
• SUPPLIES EXPENSE
P30,000
• DEPRECIATION EXPENSE
P24,000
20% SALES
80% ADMINISTRATIVE
• UTILITIES EXPENSE
P16,000
• INSURANCE EXPENSE
P8,000
• RENT EXPENSE
P36,000
P12,500
BEGINNING ILNVENTORY
P375,000
• PURCHASES
P25,000
• ENDING INVENTORY
P1250
• SALES DISCOUNT
Transcribed Image Text:PROBLEM #3 THE FOLLOWING ARE THE ACCOUNTS COF MARIES MERCHANDISING FOR JULY 31, 2016 • SALES P1,000,000 SALARIES EXPENSE P20,000 • SUPPLIES EXPENSE P30,000 • DEPRECIATION EXPENSE P24,000 20% SALES 80% ADMINISTRATIVE • UTILITIES EXPENSE P16,000 • INSURANCE EXPENSE P8,000 • RENT EXPENSE P36,000 P12,500 BEGINNING ILNVENTORY P375,000 • PURCHASES P25,000 • ENDING INVENTORY P1250 • SALES DISCOUNT
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