WHAT IS THE TOTAL COMPREHENSIVE INCOME? Statement of Comprehensive Income. The adjusted trial balance of SQUIDWARD Companyincludes the following accounts at December 31, 2021 (in Philippine Pesos):Net sales5,000,000Interest expense180,000520,0002,800,000500,000Inventory, December 31, 2021Net purchasesSales commissionsOffice salaries720,000Office supplies used110,000Dividend income16,000Gain on sale of equipment100,000Rent expenseUnrealized gain on investments at fair value through profit or lossUnrealized gain on investments at fair value through othercomprehensive income during the year, pre-taxDepreciation expense - store equipmentDepreciation expense - office equipmentFreight-inFreight-out400,00055,00088,00070,00050,00080,000120,000Additional 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

Incomes routed through profit and loss are shown pretax and at the end the income tax is reduced…

Answered: WHAT IS THE TOTAL COMPREHENSIVE INCOME

Business

Accounting

WHAT IS THE TOTAL COMPREHENSIVE INCOME

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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Question

WHAT IS THE TOTAL COMPREHENSIVE INCOME?

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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