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The Happy Toddlers Bookstore sells the books used in classes such as workbooks and coloring books. All the enroled students (150 students) purchased the three prescribed books at P500 each. The books cost P200 each. Also, sales of various school supplies amounted to p500,000. Cost of these school supplies amounted to P250,000.   The monthly salary of the bookstore manager is P20,000. The store is manned by one clerk with monthly salary of P6,000.   Utilities expense for the year totals P80,000. Of this, 25% is for the small office at the back of the bookstore.   Depreciation for the store fixtures amounted tp P50,000.   * Prepare the multi-step income statement for the year ended December 31 for Happy Toddlers Bookstore.

The Happy Toddlers Bookstore sells the books used in classes such as workbooks and coloring books. All the enroled students (150 students) purchased the three prescribed books at P500 each. The books cost P200 each. Also, sales of various school supplies amounted to p500,000. Cost of these school supplies amounted to P250,000.   The monthly salary of the bookstore manager is P20,000. The store is manned by one clerk with monthly salary of P6,000.   Utilities expense for the year totals P80,000. Of this, 25% is for the small office at the back of the bookstore.   Depreciation for the store fixtures amounted tp P50,000.   * Prepare the multi-step income statement for the year ended December 31 for Happy Toddlers Bookstore.

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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The Happy Toddlers Bookstore sells the books used in classes such as workbooks and coloring books. All the enroled students (150 students) purchased the three prescribed books at P500 each. The books cost P200 each. Also, sales of various school supplies amounted to p500,000. Cost of these school supplies amounted to P250,000.

 

The monthly salary of the bookstore manager is P20,000. The store is manned by one clerk with monthly salary of P6,000.

 

Utilities expense for the year totals P80,000. Of this, 25% is for the small office at the back of the bookstore.

 

Depreciation for the store fixtures amounted tp P50,000.

 

* Prepare the multi-step income statement for the year ended December 31 for Happy Toddlers Bookstore.

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