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Performance Task No. 2 The following are accounts taken from the books of Wei Long Trading for year ended December 31, 2017. Complete the income statement based on P 450, 000.00

Performance Task No. 2 The following are accounts taken from the books of Wei Long Trading for year ended December 31, 2017. Complete the income statement based on P 450, 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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Performance Task No. 2 The following are accounts taken from the books of Wei Long Trading for year ended December 31, 2017. Complete the income statement based on the given facts. P 450, 000.00 284, 000.00 80, 000.00 18,000.00 Sales Purchases Inventory, Jan. 1 Sales Returns and Allowances Sales Discount 12, 000.00 Purchase Returns and Allowances 14, 000.00 Purchase Discount 12, 000.00 6, 000.00 Freight-In Inventory, Dec. 31 Advertising Expense 88, 000.00 18, 000.00 Sales Salaries 74, 000.00 Freight-out Utilities Expense -Store Store Supplies 14, 200.00 2, 800.00 6,000.00 22,000.00 Office Salaries Utilities Expense - Office Office Supplies Doubtful Accounts Expense 4,800.00 2,400.00 7,200.00 Dividends Income 50, 000.00 Rent Income 40, 000.00 Interest Expense 16, 000.00 Discount Lost 1, 600.00 Hint: Note Net Sales Cost of Sales 1. Gross Profit Other Income Total Income 1s 3. Operating Expenses Distribution Expenses Administrative Expenses Other Expenses 4. 9. Finance Cost Not Income P.
Transcribed Image Text:Performance Task No. 2 The following are accounts taken from the books of Wei Long Trading for year ended December 31, 2017. Complete the income statement based on the given facts. P 450, 000.00 284, 000.00 80, 000.00 18,000.00 Sales Purchases Inventory, Jan. 1 Sales Returns and Allowances Sales Discount 12, 000.00 Purchase Returns and Allowances 14, 000.00 Purchase Discount 12, 000.00 6, 000.00 Freight-In Inventory, Dec. 31 Advertising Expense 88, 000.00 18, 000.00 Sales Salaries 74, 000.00 Freight-out Utilities Expense -Store Store Supplies 14, 200.00 2, 800.00 6,000.00 22,000.00 Office Salaries Utilities Expense - Office Office Supplies Doubtful Accounts Expense 4,800.00 2,400.00 7,200.00 Dividends Income 50, 000.00 Rent Income 40, 000.00 Interest Expense 16, 000.00 Discount Lost 1, 600.00 Hint: Note Net Sales Cost of Sales 1. Gross Profit Other Income Total Income 1s 3. Operating Expenses Distribution Expenses Administrative Expenses Other Expenses 4. 9. Finance Cost Not Income P.
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