Prepare a common size statement for the given income statement/statement of comprehensive income.
Prepare a common size statement for the given income statement/statement of comprehensive income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare a common size statement for the given income statement/statement of comprehensive income.
![HAPPY SELLING COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2016
NET SALES
Php 460,000.00
Cost of Goods Sold
(285,000.00)
Gross Profit
Php 175,000.00
General & Administrative Expenses
Salaries Expense
(Php 20,000.00)
Rent Expense
{15,000.00)
Depreciation Expense
(10,000.00)
Utilities Expense
(5,000.00)
Miscellaneous Expense
(1,000.00)
(51,000 00)
Selling Expenses
Salaries Expense
(Php 10,000.00)
Rent Expense
(8,000.00)
Depreciation Expense
(7,000.00)
Utilities Expense
(6,000.00)
(31,000.00)
Net Income
Php 93,000.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F340bd593-6936-4d66-bc7d-ef6220cdf911%2F62eb0e05-b2d3-4155-a47d-740ae5f39225%2Fh9ep7ei_processed.jpeg&w=3840&q=75)
Transcribed Image Text:HAPPY SELLING COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2016
NET SALES
Php 460,000.00
Cost of Goods Sold
(285,000.00)
Gross Profit
Php 175,000.00
General & Administrative Expenses
Salaries Expense
(Php 20,000.00)
Rent Expense
{15,000.00)
Depreciation Expense
(10,000.00)
Utilities Expense
(5,000.00)
Miscellaneous Expense
(1,000.00)
(51,000 00)
Selling Expenses
Salaries Expense
(Php 10,000.00)
Rent Expense
(8,000.00)
Depreciation Expense
(7,000.00)
Utilities Expense
(6,000.00)
(31,000.00)
Net Income
Php 93,000.00
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