18.62:0063%KB/sProblem 4-11.p...COLLEGERepublic of the PhilippinesCity of OlongapoGORDON COLLEGEOlongapo City Sports Complex, East Tapinac, Olongapo CityTel. No. (047) 224-2089 loc. 314ACADEMICAFFAIRSProblem 4-11 (Preparing the Income Statement)The accounts of Malou Magallanes Drug Store selected from the Dec 31, 2020 trial balance are asfollows:Advertising Expense150,000Purchases6,710,000Transportation OutDepreciation Exp.-Office EquipDepreciation Exp.-Store EquipTransportation InMerchandise Inventory, 1/1/2020260,000Purchases Returns & Allow250,000110,000Purchases Discounts180,000Salaries Expense- SellingSalaries Expense-General140,000960,000100,0001,130,0001,160,000Sales9,810,000Merchandise Inventory, 12/31/20201,040,000Sales Returns & Allow260,000Miscellaneous Expense90,000Sales Discounts140,000Office Supplies Expense430,000Selling Supplies Expense70,000Required: Prepare the income statement.Fundamentals of Accounting Part 1 - 1st Semester AY 2020-2021NOT FOR SALE EXCLUSIVE FOR GORDON COLLEGE ONLYOLLEGEALISGORDON

Income statement is one of the financial statement of business, which shows all incomes and all…

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.

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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