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Fabm 2

ABC Company reported a net income of ₱210,000 for the year ended December 31, 2019, with total income of ₱383,000 and operating expenses of ₱173,800. The net sales amounted to ₱533,000 after accounting for sales returns and discounts. The cost of sales was ₱280,000, leading to a gross profit of ₱273,000.

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Keisha Belle Ontal
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33 views2 pages

Fabm 2

ABC Company reported a net income of ₱210,000 for the year ended December 31, 2019, with total income of ₱383,000 and operating expenses of ₱173,800. The net sales amounted to ₱533,000 after accounting for sales returns and discounts. The cost of sales was ₱280,000, leading to a gross profit of ₱273,000.

Uploaded by

Keisha Belle Ontal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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ABC Company

Multiple-Step Income Statement


For year ended December 31, 2019

Note
Net Sales 1 533,000
Cost of Sales 2 260,000
Gross Profit ₱273,000
Other Income 3 110,000
Total Income ₱383,000
Operating Expenses
Distribution Expenses 4 117,000
Administrative Expenses 5 38,000
Other Expenses 6 1,800
Finance Cost 7 17,000 173,800
Net Income ₱ 210,000

Note 1 - Net Sales


Gross Sales ₱500,000
Less: Sales Returns & Allowances 18,000
Sales Discount 15,000
Net Sales ₱ 533,000

Note 2 - Cost of Sales


Merchandise Inventory, Beginning ₱ 95,000
Add: Purchases 305,000
Freight-in 5,000
Cost of Goods Delivery ₱ 310,000
Less: Purchases Returns
& Allowances ₱14,000
Purchases Discount 12,000 26,000 270,000
Goods Available for Sale 350,000
Less: Merchandise Inventory, End 90,000
Cost of Sales ₱280,000

Note 3 - Other Income


Dividends Income ₱60,000
Rent Income 50,000
Total ₱110,000

Note 4 - Distribution Expenses


Sales Salaries Expense ₱75,000
Advertising Expense 20,000
Freight-out 15,000
Store Supplies Expense 6,500
Utilities Expense - Store 3,000
Total ₱117,000

Note 5 - Administrative Expenses


Office Salaries Expense ₱23,000
Doubtful Accounts Expense 7,600
Utilities Expense - Office 5,000
Office Supplies Expense 2,500
Total ₱38,100

Note 6 - Other Expenses


Discount Lost ₱1,800

Note 7 - Finance Cost


Internet Expense ₱17,000

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