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MULTI-STEP

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Aileen Joy Santolaja
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13 views

MULTI-STEP

Uploaded by

Aileen Joy Santolaja
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

COVIDFREE MERCHANDISING

STATEMENT OF COMPREHENSIVE INCOME


FOR THE MONTH ENDED MAY 31, 2020

Sales 1,540,000
Sales returns and Allowances (35,000)
Sales discounts (55,000) (90,000)
NET SALES 1,450,000
Cost of Goods Sold
Beginning inventory 180,000
Purchases 925,000
Purchase returns & allowances (25,000)
Purchase discount (15,000)
Net Purchases 855,000
Freight in 65,000
Net Cost of Purchases 920,000
Cost of Goods available for sale 1,100,000
Ending inventory (250,000)
COST OF GOODS SOLD 850,000
GROSS PROFIT 600,000
OPERATING EXPENSES:
Selling Expenses
Rent expense (28,800)
Salaries expense (151,200)
Utilities expense (30,000)
Depreciation expense (40,000) (250,000)
General & Administrative Expenses
Rent expense (67,200)
Salaries expense (100,800)
Utilities expense (30,000)
Depreciation expense (10,000) (208,000)
OPERATING INCOME 142,000
OTHER INCOME/GAINS/EXPENESES/LOSSES
Gain on Sale of old Equipment 8,000
Interest Expense from Borrowings (12,000)
INCOME BEFORE TAX 138,000
Income Tax (35,000)
NET INCOME 103,000

COVIDFREE MERCHANDISING
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2019

Net Sales¹ ₱1,450,000


Less: Cost of Goods Sold² Gross profit 850,000
section
Gross Profit 600,000
Operating Expenses
General and Administrative Expenses³ (208,000)
Selling Expenses Operating (250,000)
Income section
Operating Income 142,000
Gain on Sale of Old Equipment 8,000
Interest Expense on Loans (12,000)
Net Income/
Income before tax Loss section 138,000
Income Tax 35,000
Net Income/(Loss) ₱ 103,000

Additional Computations:

1. Net Sales

Sales ₱ 1,540,000
Less: Sales Discounts 55,000
Sales Returns and Allowances 35,000
Net Sales¹ ₱ 1,450,000

2. Cost of Goods Sold

Beginning Inventory ₱ 180,000


Add: Net cost of Net
Purchases
Purchases 925,000
Less: Purchase Returns 25,000
& Allowances
Purchase 45,000
Discounts
Net Purchases 855,000
Add: Freight In 65,000
Net cost of Net Purchases 920,000
Total Goods Available for Sale 1,100,000
Less: Ending Inventory 250,000
Cost of Goods Sold² ₱
850,000

Allocation
Total

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