Problem 4-11 (Preparing the Income Statement) The accounts of Malou Magallanes Drug Store selected from the Dec 31, 2020 trial balance are as follows: Advertising Expense Transportation Out Depreciation Exp.-Office Equip Depreciation Exp.-Store Equip Transportation In Merchandise Inventory, 1/1/2020 150,000 Purchases 6,710,000 260,000 Purchases Returns & Allow 250,000 110,000 Purchases Discounts 180,000 Salaries Expense- Selling Salaries Expense-General 140,000 960,000 100,000 1,130,000 1,160,000 Sales 9,810,000 Merchandise Inventory, 12/31/2020 Miscellaneous Expense 1,040,000 Sales Returns & Allow 260,000 90,000 Sales Discounts 140,000 Office Supplies Expense 430,000 Selling Supplies Expense 70,000 Required: Prepare the income statement.
Problem 4-11 (Preparing the Income Statement) The accounts of Malou Magallanes Drug Store selected from the Dec 31, 2020 trial balance are as follows: Advertising Expense Transportation Out Depreciation Exp.-Office Equip Depreciation Exp.-Store Equip Transportation In Merchandise Inventory, 1/1/2020 150,000 Purchases 6,710,000 260,000 Purchases Returns & Allow 250,000 110,000 Purchases Discounts 180,000 Salaries Expense- Selling Salaries Expense-General 140,000 960,000 100,000 1,130,000 1,160,000 Sales 9,810,000 Merchandise Inventory, 12/31/2020 Miscellaneous Expense 1,040,000 Sales Returns & Allow 260,000 90,000 Sales Discounts 140,000 Office Supplies Expense 430,000 Selling Supplies Expense 70,000 Required: Prepare the income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 4-11.p...
COLLEGE
Republic of the Philippines
City of Olongapo
GORDON COLLEGE
Olongapo City Sports Complex, East Tapinac, Olongapo City
Tel. No. (047) 224-2089 loc. 314
ACADEMIC
AFFAIRS
Problem 4-11 (Preparing the Income Statement)
The accounts of Malou Magallanes Drug Store selected from the Dec 31, 2020 trial balance are as
follows:
Advertising Expense
150,000
Purchases
6,710,000
Transportation Out
Depreciation Exp.-Office Equip
Depreciation Exp.-Store Equip
Transportation In
Merchandise Inventory, 1/1/2020
260,000
Purchases Returns & Allow
250,000
110,000
Purchases Discounts
180,000
Salaries Expense- Selling
Salaries Expense-General
140,000
960,000
100,000
1,130,000
1,160,000
Sales
9,810,000
Merchandise Inventory, 12/31/2020
1,040,000
Sales Returns & Allow
260,000
Miscellaneous Expense
90,000
Sales Discounts
140,000
Office Supplies Expense
430,000
Selling Supplies Expense
70,000
Required: Prepare the income statement.
Fundamentals of Accounting Part 1 - 1st Semester AY 2020-2021
NOT FOR SALE EXCLUSIVE FOR GORDON COLLEGE ONLY
OLLEGE
ALIS
GORDON"
Transcribed Image Text:18.6
2:00
63%
KB/s
Problem 4-11.p...
COLLEGE
Republic of the Philippines
City of Olongapo
GORDON COLLEGE
Olongapo City Sports Complex, East Tapinac, Olongapo City
Tel. No. (047) 224-2089 loc. 314
ACADEMIC
AFFAIRS
Problem 4-11 (Preparing the Income Statement)
The accounts of Malou Magallanes Drug Store selected from the Dec 31, 2020 trial balance are as
follows:
Advertising Expense
150,000
Purchases
6,710,000
Transportation Out
Depreciation Exp.-Office Equip
Depreciation Exp.-Store Equip
Transportation In
Merchandise Inventory, 1/1/2020
260,000
Purchases Returns & Allow
250,000
110,000
Purchases Discounts
180,000
Salaries Expense- Selling
Salaries Expense-General
140,000
960,000
100,000
1,130,000
1,160,000
Sales
9,810,000
Merchandise Inventory, 12/31/2020
1,040,000
Sales Returns & Allow
260,000
Miscellaneous Expense
90,000
Sales Discounts
140,000
Office Supplies Expense
430,000
Selling Supplies Expense
70,000
Required: Prepare the income statement.
Fundamentals of Accounting Part 1 - 1st Semester AY 2020-2021
NOT FOR SALE EXCLUSIVE FOR GORDON COLLEGE ONLY
OLLEGE
ALIS
GORDON
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