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Provide Statement of Comprehensive Income

Provide Statement of Comprehensive Income

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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Provide Statement of Comprehensive Income
 
 
 
BUSINESS NAME Statement of Comprehensive Income For the period ended Note Net sales revenue/Receipts Less: Cost of goods sold/Cost of sales/Cost of service Gross profit Less: Operating expenses Marketing & distribution X1 X2 X3=X1-X2 X4 General & administrative X5 Other expenses Total operating expenses X6 X7=X4+X5+X6 Profit/(Loss) from operations X8=X3-X7 Add: Other income X9 Earnings/(Losses) before interests & taxes Add/Less: Net interest income/expense X10=X8+X9 X11 Earnings/(Losses) before taxes Less: Income tax expense Net profit/(loss) Other comprehensive income/(loss) Total comprehensive income/(loss) X12=X10+-X11 X13 X14=X12-X13 X15 X16=X14+X15 XXX
Transcribed Image Text:BUSINESS NAME Statement of Comprehensive Income For the period ended Note Net sales revenue/Receipts Less: Cost of goods sold/Cost of sales/Cost of service Gross profit Less: Operating expenses Marketing & distribution X1 X2 X3=X1-X2 X4 General & administrative X5 Other expenses Total operating expenses X6 X7=X4+X5+X6 Profit/(Loss) from operations X8=X3-X7 Add: Other income X9 Earnings/(Losses) before interests & taxes Add/Less: Net interest income/expense X10=X8+X9 X11 Earnings/(Losses) before taxes Less: Income tax expense Net profit/(loss) Other comprehensive income/(loss) Total comprehensive income/(loss) X12=X10+-X11 X13 X14=X12-X13 X15 X16=X14+X15 XXX
justea iriai Baiance cember 31 2021 2020 Credit 5.850,000.00 Debit Credit 5,500,000.00 Debit 5% Preference share capital, P100 par Accounts payable 819,500.00 807,300.00 Accounts receivable 2,154,200.00 1,958,300.00 Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Depreciation expense - building Depreciation expense - office equipment Depreciation expense - store equipment 102,000.00 50.000.00 1,000,000.00 500,000.00 420.000.00 240,000.00 39,170.00 840,000.00 480,000.00 43,080.00 2,600,000.00 101.210.00 2,500,000.00 22,744,988.00 52,000.00 420,000.00 240.000.00 2,500,000.00 616,410.00 2,500,000.00 20,707,790.00 50,000.00 420,000.00 240,000.00 ? Dividends payable Doubtful accounts 3,910.00 1,374,912.00 39,170.00 1,354,320.00 1.139,800.00 0.00 Finished goods inventory Freight-out 1,253,700.00 0.00 Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2026 Office equipment Office supplies Office supplies expense 0.00 0.00 227.960.00 60.000.00 250,740.00 96,000.00 100,000.00 20,000.00 1,500,000.00 1,600,000.00 500,000.00 0.00 800,000.00 500,000.00 2,100,000.00 10,450.00 125,370.00 2,100,000.00 9,500.00 113,980.00 2021 2020 Ordinary share capital, P5 par Prepaid insurance Raw materials inventory 10,300,000.00 8.100,000.00 37,990.00 940,500.00 41,790.00 954,800.00 Rental income 240,000.00 210,000.00 Retained Eamings Salaries and wages of admin employees Salaries and wages of sales agents (3,851,150.00) 0.00 1,709,700.00 1,139,800.00 1,880,550.00 1,253,700.00 Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary 130,600.00 118,700.00 25,850,000.00 23,500,000.00 258,500.00 235.000.00 517,000.00 470,000.00 1,545,000.00 1,241,700.00 825,000.00 Share Premium - Preference 877,500.00 Store equipment Store supplies Store supplies expense Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable - Preference 1,200,000.00 1,200,000.00 19,000.00 227,950.00 20,900.00 250,750.00 2.060.000.00 1,620,000.00 1,100,000.00 1,170,000.00 1,648,000,00 1,296,000.00 Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 702,000.00 226,600.00 128,700.00 660,000.00 129,600.00 60,500.00 1,128,600.00 1,145,760.00 Totals 48,356,530.00 48,356,530.00 44,791,870.00 44,791,870.00 ditional information: 1. Inventories as of January 1 2021 2020 Raw materials inventory Work in process inventory Finished goods inventory 940,500.00 1,128,600.00 1,354,320.00 450,000.00 742.180.00 1,112,280.00 2. Cost of Goods Sold related expenses 2021 9,548,000.00 477,400.00 190,960.00 2020 9,405,000.00 470,250.00 188,100.00 5,518,000.00 Purchases Freight-in Purchase returns and allowances Direct Labor Factory Overhead (including the depreciation expense for the cooking equipment) 5,892,100.00 7,070,500.00 6,621,600.00 3. Preference shares are cumulative and non-participating. Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20, 2021 Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022. 800,000.00 1,000,000.00
Transcribed Image Text:justea iriai Baiance cember 31 2021 2020 Credit 5.850,000.00 Debit Credit 5,500,000.00 Debit 5% Preference share capital, P100 par Accounts payable 819,500.00 807,300.00 Accounts receivable 2,154,200.00 1,958,300.00 Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Depreciation expense - building Depreciation expense - office equipment Depreciation expense - store equipment 102,000.00 50.000.00 1,000,000.00 500,000.00 420.000.00 240,000.00 39,170.00 840,000.00 480,000.00 43,080.00 2,600,000.00 101.210.00 2,500,000.00 22,744,988.00 52,000.00 420,000.00 240.000.00 2,500,000.00 616,410.00 2,500,000.00 20,707,790.00 50,000.00 420,000.00 240,000.00 ? Dividends payable Doubtful accounts 3,910.00 1,374,912.00 39,170.00 1,354,320.00 1.139,800.00 0.00 Finished goods inventory Freight-out 1,253,700.00 0.00 Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2026 Office equipment Office supplies Office supplies expense 0.00 0.00 227.960.00 60.000.00 250,740.00 96,000.00 100,000.00 20,000.00 1,500,000.00 1,600,000.00 500,000.00 0.00 800,000.00 500,000.00 2,100,000.00 10,450.00 125,370.00 2,100,000.00 9,500.00 113,980.00 2021 2020 Ordinary share capital, P5 par Prepaid insurance Raw materials inventory 10,300,000.00 8.100,000.00 37,990.00 940,500.00 41,790.00 954,800.00 Rental income 240,000.00 210,000.00 Retained Eamings Salaries and wages of admin employees Salaries and wages of sales agents (3,851,150.00) 0.00 1,709,700.00 1,139,800.00 1,880,550.00 1,253,700.00 Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary 130,600.00 118,700.00 25,850,000.00 23,500,000.00 258,500.00 235.000.00 517,000.00 470,000.00 1,545,000.00 1,241,700.00 825,000.00 Share Premium - Preference 877,500.00 Store equipment Store supplies Store supplies expense Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable - Preference 1,200,000.00 1,200,000.00 19,000.00 227,950.00 20,900.00 250,750.00 2.060.000.00 1,620,000.00 1,100,000.00 1,170,000.00 1,648,000,00 1,296,000.00 Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 702,000.00 226,600.00 128,700.00 660,000.00 129,600.00 60,500.00 1,128,600.00 1,145,760.00 Totals 48,356,530.00 48,356,530.00 44,791,870.00 44,791,870.00 ditional information: 1. Inventories as of January 1 2021 2020 Raw materials inventory Work in process inventory Finished goods inventory 940,500.00 1,128,600.00 1,354,320.00 450,000.00 742.180.00 1,112,280.00 2. Cost of Goods Sold related expenses 2021 9,548,000.00 477,400.00 190,960.00 2020 9,405,000.00 470,250.00 188,100.00 5,518,000.00 Purchases Freight-in Purchase returns and allowances Direct Labor Factory Overhead (including the depreciation expense for the cooking equipment) 5,892,100.00 7,070,500.00 6,621,600.00 3. Preference shares are cumulative and non-participating. Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20, 2021 Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022. 800,000.00 1,000,000.00
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