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STATEMENT OF COMPREHENSIVE INCOME Practice Set 12 1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020. 2. Always apply the income tax expense as 25% of operating profit. Gross Sales = P 3,822,300 Sales Returns= P 219,700 Gross Purchases = P 1,000,000 Purchase Discounts = P 180,000 Beginning Inventories = P 920,500 %3D Ending Inventories = P 450,800 Distribution Expenses = P 760,200 Administrative Expenses = P 440,900 %3D Other Comprehensive Income = P 210,000

STATEMENT OF COMPREHENSIVE INCOME Practice Set 12 1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020. 2. Always apply the income tax expense as 25% of operating profit. Gross Sales = P 3,822,300 Sales Returns= P 219,700 Gross Purchases = P 1,000,000 Purchase Discounts = P 180,000 Beginning Inventories = P 920,500 %3D Ending Inventories = P 450,800 Distribution Expenses = P 760,200 Administrative Expenses = P 440,900 %3D Other Comprehensive Income = P 210,000

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 expanded income statement Also provided a formula for the expanded income statement.
GLOBE ll © 91% | D7:06 pm PRACTICE SETS - OneDrive feueduph-my.sharepoint.com 2 of 2 2/ TU STATEMENT OF COMPREHENSIVE INCOME Practice Set 12 1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020. 2. Always apply the income tax expense as 25% of operating profit. Gross Sales = P 3,822,300 Sales Returns= P 219,700 Gross Purchases = P 1,000,000 Purchase Discounts P 180,000 %3D Beginning Inventories = P 920,500 Ending Inventories = P 450,800 Distribution Expenses = P 760,200 Administrative Expenses = P 440,900 %3D Other Comprehensive Income = P 210,000
Transcribed Image Text:GLOBE ll © 91% | D7:06 pm PRACTICE SETS - OneDrive feueduph-my.sharepoint.com 2 of 2 2/ TU STATEMENT OF COMPREHENSIVE INCOME Practice Set 12 1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020. 2. Always apply the income tax expense as 25% of operating profit. Gross Sales = P 3,822,300 Sales Returns= P 219,700 Gross Purchases = P 1,000,000 Purchase Discounts P 180,000 %3D Beginning Inventories = P 920,500 Ending Inventories = P 450,800 Distribution Expenses = P 760,200 Administrative Expenses = P 440,900 %3D Other Comprehensive Income = P 210,000
1 Student 7:09 pm Tue 5 Oct O 88% AA feueduph-my.sharepoint.com MG Read Tokyo Revengers Manga English [New. G luy-a - Google Search O Recordings - OneDrive 2 Share O Copy link 1 of 1 O LESSON 3- FABM 2 - Google Slic -> i docs.google.com/presentation/d/1üzeBaXtj3vqDrEfi3wDTtw8CBRYdbT-TEQX48ZGH4U/edit#slide=id.g35f391192 00 E Apps E Reading list Income Statement - Expanded Formula P 3,000,000 (900,000) P 2,100,000 Net Sales Cost of Goods Sold Gross Profit Distribution Expenses Administrative Expenses (200,000) Other Income (150,000) 300,000 50,000 Operating Profit (Net Income before Taxes) P 2,050,000 Income Tax Expense (25% of OP) (512,500) NET INCOME P 1,537,500 13 06:53 06:53 / 26:03
Transcribed Image Text:1 Student 7:09 pm Tue 5 Oct O 88% AA feueduph-my.sharepoint.com MG Read Tokyo Revengers Manga English [New. G luy-a - Google Search O Recordings - OneDrive 2 Share O Copy link 1 of 1 O LESSON 3- FABM 2 - Google Slic -> i docs.google.com/presentation/d/1üzeBaXtj3vqDrEfi3wDTtw8CBRYdbT-TEQX48ZGH4U/edit#slide=id.g35f391192 00 E Apps E Reading list Income Statement - Expanded Formula P 3,000,000 (900,000) P 2,100,000 Net Sales Cost of Goods Sold Gross Profit Distribution Expenses Administrative Expenses (200,000) Other Income (150,000) 300,000 50,000 Operating Profit (Net Income before Taxes) P 2,050,000 Income Tax Expense (25% of OP) (512,500) NET INCOME P 1,537,500 13 06:53 06:53 / 26:03
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