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
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
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Problem 40E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb8b49a9d-7d5d-4ab5-84e2-00334a610eab%2F9f30ae6b-a152-4d4f-bd2e-5db01171c08e%2Ftbe8e6o_processed.jpeg&w=3840&q=75)
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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