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PROBLEM #4 THE FOLLOWING ARE THE ACCOUNTS OF REGINA MERCHANDISING FOR JULY 31, 2016 SALES P2,500,000 • SALARIES EXPENSE P50,000 • SUPPLIES EXPENSE P75,000 • DEPRECIATION EXPENSE P60,000 25% SALES 75% ADMINISTRATIVE • UTILITIES EXPENSE P42,000 P28,000 • INSURANCE EXPENSE P46.000

PROBLEM #4 THE FOLLOWING ARE THE ACCOUNTS OF REGINA MERCHANDISING FOR JULY 31, 2016 SALES P2,500,000 • SALARIES EXPENSE P50,000 • SUPPLIES EXPENSE P75,000 • DEPRECIATION EXPENSE P60,000 25% SALES 75% ADMINISTRATIVE • UTILITIES EXPENSE P42,000 P28,000 • INSURANCE EXPENSE P46.000

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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Make a statement of comprehensive income.
PROBLEM #4 THE FOLLOWING ARE THE ACCOUNTS C OF REGINA MERCHANDISING FOR JULY 31, 2016 • SALES P2,500,000 • SALARIES EXPENSE P50,000 • SUPPLIES EXPENSE P75,000 • DEPRECIATION EXPENSE P60,000 25% SALES 75% ADMINISTRATIVE • UTILITIES EXPENSE P42,000 P28,000 • INSURANCE EXPENSE P46,000 • RENT EXPENSE 50,500 BEGINNING ILNVENTORY P1,375,000 • PURCHASES P125,000 ENDING INVENTORY P8250 • SALES DISCOUNT
Transcribed Image Text:PROBLEM #4 THE FOLLOWING ARE THE ACCOUNTS C OF REGINA MERCHANDISING FOR JULY 31, 2016 • SALES P2,500,000 • SALARIES EXPENSE P50,000 • SUPPLIES EXPENSE P75,000 • DEPRECIATION EXPENSE P60,000 25% SALES 75% ADMINISTRATIVE • UTILITIES EXPENSE P42,000 P28,000 • INSURANCE EXPENSE P46,000 • RENT EXPENSE 50,500 BEGINNING ILNVENTORY P1,375,000 • PURCHASES P125,000 ENDING INVENTORY P8250 • SALES DISCOUNT
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