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WHAT IS THE COST OF SALES?

WHAT IS THE COST OF SALES?

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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WHAT IS THE COST OF SALES?

Statement of Comprehensive Income. The adjusted trial balance of SQUIDWARD Company includes the following accounts at December 31, 2021 (in Philippine Pesos): Net sales 5,000,000 Interest expense 180,000 520,000 2,800,000 500,000 Inventory, December 31, 2021 Net purchases Sales commissions Office salaries 720,000 Office supplies used 110,000 Dividend income 16,000 Gain on sale of equipment 100,000 Rent expense Unrealized gain on investments at fair value through profit or loss Unrealized gain on investments at fair value through other comprehensive income during the year, pre-tax Depreciation expense - store equipment Depreciation expense - office equipment Freight-in Freight-out 400,000 55,000 88,000 70,000 50,000 80,000 120,000 Additional information: (1) Inventory, January 1, 2021 is P450,000 (2) Income tax rate is 30% (3) Rent expense is allocated as follows: 60% to selling and 40% to office
Transcribed Image Text:Statement of Comprehensive Income. The adjusted trial balance of SQUIDWARD Company includes the following accounts at December 31, 2021 (in Philippine Pesos): Net sales 5,000,000 Interest expense 180,000 520,000 2,800,000 500,000 Inventory, December 31, 2021 Net purchases Sales commissions Office salaries 720,000 Office supplies used 110,000 Dividend income 16,000 Gain on sale of equipment 100,000 Rent expense Unrealized gain on investments at fair value through profit or loss Unrealized gain on investments at fair value through other comprehensive income during the year, pre-tax Depreciation expense - store equipment Depreciation expense - office equipment Freight-in Freight-out 400,000 55,000 88,000 70,000 50,000 80,000 120,000 Additional information: (1) Inventory, January 1, 2021 is P450,000 (2) Income tax rate is 30% (3) Rent expense is allocated as follows: 60% to selling and 40% to office
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