OSE Trading provides the following information for the year 2020: Sales Sales returns and allowances Sales discounts 7,800,000.00 180,000.00 120,000.00 Merchandise inventory, January 1 800,000.00 Merchandise inventory, December 31 1,200,000.00 Purchases 4,500,000.00 150,000.00 110,000.00 140,000.00 250,000.00 150,000.00 Freight in Purchase returns and allowances Purchase discounts Rent income Devidend income Interest income Doubtful accounts Distribution expenses: Sales salaries SSS contribution PagIBIG contribution Sales staff commission Depreciation expenses delivery vehicle Administrative expenses: Officer and staff salaries Depreciation office furniture SSS contribution PagIBIG contribution Advertising expenses Office supplies Store supplies Interest expense on bank loan The applicable tax rate is 30 percent 100,000.00 50,000.00 300,000.00 15,000.00 5,000.00 100,000.00 40,000.00 500,000.00 50,000.00 18,000.00 12,000.00 20,000.00 10,000.00 15,000.00 20,000.00

OSE Trading provides the following information for the year 2020: Sales Sales returns and allowances Sales discounts 7,800,000.00 180,000.00 120,000.00 Merchandise inventory, January 1 800,000.00 Merchandise inventory, December 31 1,200,000.00 Purchases 4,500,000.00 150,000.00 110,000.00 140,000.00 250,000.00 150,000.00 Freight in Purchase returns and allowances Purchase discounts Rent income Devidend income Interest income Doubtful accounts Distribution expenses: Sales salaries SSS contribution PagIBIG contribution Sales staff commission Depreciation expenses delivery vehicle Administrative expenses: Officer and staff salaries Depreciation office furniture SSS contribution PagIBIG contribution Advertising expenses Office supplies Store supplies Interest expense on bank loan The applicable tax rate is 30 percent 100,000.00 50,000.00 300,000.00 15,000.00 5,000.00 100,000.00 40,000.00 500,000.00 50,000.00 18,000.00 12,000.00 20,000.00 10,000.00 15,000.00 20,000.00

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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Question

REQUIRED: PREPARE A STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR USING THE FOLLOWING METHOD: • NATURE OF EXPENSE WITH SUPPORTING NOTES

OSE Trading provides the following information for the year 2020:
Sales
7,800,000.00
Sales returns and allowances
180,000.00
Sales discounts
120,000.00
800,000.00
Merchandise inventory, January 1
Merchandise inventory, December 31 1,200,000.00
Purchases
4,500,000.00
Freight in
Purchase returns and allowances
Purchase discounts
Rent income
Devidend income
Interest income
Doubtful accounts
Distribution expenses:
Sales salaries
SSS contribution
PagIBIG contribution
Sales staff commission
Depreciation expenses delivery vehicle
Administrative expenses:
Officer and staff salaries
Depreciation office furniture
SSS contribution
PagIBIG contribution
Advertising expenses
Office supplies
Store supplies
Interest expense on bank loan
The applicable tax rate is 30 percent
150,000.00
110,000.00
140,000.00
250,000.00
150,000.00
100,000.00
50,000.00
300,000.00
15,000.00
5,000.00
100,000.00
40,000.00
500,000.00
50,000.00
18,000.00
12,000.00
20,000.00
10,000.00
15,000.00
20,000.00

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