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Statement of Comprehensive Income

The document contains three activities involving multiple choice questions and exercises calculating statements of comprehensive income for different companies. Activity 1 contains multiple choice questions. Activity 2 shows the calculations for a statement of comprehensive income and the answers to multiple choice questions about the statement. Activity 3 shows another statement of comprehensive income calculation for a different company.

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101 views4 pages

Statement of Comprehensive Income

The document contains three activities involving multiple choice questions and exercises calculating statements of comprehensive income for different companies. Activity 1 contains multiple choice questions. Activity 2 shows the calculations for a statement of comprehensive income and the answers to multiple choice questions about the statement. Activity 3 shows another statement of comprehensive income calculation for a different company.

Uploaded by

zacharaya abegail
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ACTIVITY 1

MULTIPLE CHOICE:

1. a) Both Statements are true

2. a) Both Statements are true

3. c) Only Statement II is true

4. c) Only Statement II is true

5. a) Both Statements are true

6. a) Both Statements are true

7. a) Both Statements are true

ACTIVITY 2

Exercise 2-1

STATEMENT OF COMPREHENSIVE
INCOME
              DEBIT               CREDIT
Sales 300,000
Sales Discounts 5,000
Sales Returns and Allowances 4,000
Purchases 150,000
Purchase Discount 3,000
Purchase Returns and Allowances 2,000
Freight-In 6,000
Freight-Out 1,000
Sales Salaries 15,000
Depreciation 10,000
Merchandise Inventory, End 105,000
            TOTAL ₱191,000 ₱410,000
1. b) ₱191,000

2. a) ₱410,000

3. c) ₱291,000

4. b) ₱46,000

5. a) ₱245,000

6. a) ₱26,000

7. a) ₱219,000

Sales 300 000

Less: Sales Discount 5 000

Sales Return and Allowances 4 000 9 000

Net Sales 291 000

Cost of Goods Sale:

Merchandise Inventory, Beg.

Purchases 150 000

Less: Purchase Discounts 3 000

Purchase Return and Allowances 2 000 5 000

Net Purchase 145 000

Add: Freight In 6 000

Delivered Cost of Purchases 151 000

Merchandise Inventory, End 105 000 46 000

Gross Profit 245 000

Operating Expenses:
Selling or Distribution:

Freight Out 15 000

Sales Salaries 1 000 16 000

General:

Depreciation 10 000 10 000 26 000

Profit for the month P219 000

ACTIVITY 3

Exercise 2-3

Bonifacio L. Jamora, Jr.

Statement of Comprehensive Income

For the month ended February 20B

Sales 380 000

Less: Sales Return and Allowances 10 000 10 000

Net Sales 370 000

Cost of Goods Sold:

Merchandise Inventory, Beg. 160 000

Purchases 250 000

Less: Purchase Discounts 6 000 6 000

Net Purchase 244 000

Add: Freight In 8 000

Delivered Cost of Purchases 252 000


Available Goods for Sale 412 000

Less: Merchandise Inventory, End 120 000 292 000

Gross Profit 78 000

Selling or Distribution:

Taxes and Licenses 12 000

Uncollectible Accounts 15 000

Sales Salaries 20 000 47 000

General and Administrative:

Depreciation 35 000 82 000

Loss for the month P 4 000

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