The following are the accounts of DEF Mdsg. For December 31, 2017 Sales Salaries Expense Supplies...

 

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The following are the accounts of DEF Mdsg. For December 31, 2017 Sales Salaries Expense Supplies Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Beginning Inventory Purchases Ending Inventory Sales Discount 4,000,000.00 80,000.00 Questions: 1.How much is the net sale for the year? (Spts.) 2. How much is the cost of sale for the year? (5 pts.) 3. How much is the gross profit for the year? (5 pts.) 4. How much is the net income for the year (5pts.) 5.Prepare a Statement of Comprehensive income (10 pts.) 120,000.00 96,000.00 64,000.00 32,000.00 144,000.00 6.250.00 187,500.00 12.500.00 625.00 You are employed by the entity as its bookkeeper in its first year of operations. You will prepare the necessary financial statements for the current year. Accordingly, 25% of the Rent Depreciation and Utility Expense pertain to the sales office while the rest pertains to the corporate office. 6 Professional Fees Salaries Expense Supplies Expense Depreciation Expense Utilities Expense Insurance Expense ABC Architectural Consultants Rent Expense Gain on Sale of Equipment 312,500.00 31,250.00 46,875.00 37,500.00 Instructions: 1. Determine the net income (5 points) 2. Prepare a Statement of Comprehensive Income (15 points) 25,000.00 12,500.00 56,250.00 25,000.00 You are employed by the entity as its bookkeeper in its first year of operation. You will prepare the necessary financial statements for the current year. The following are the accounts of DEF Mdsg. For December 31, 2017 Sales Salaries Expense Supplies Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Beginning Inventory Purchases Ending Inventory Sales Discount 4,000,000.00 80,000.00 Questions: 1.How much is the net sale for the year? (Spts.) 2. How much is the cost of sale for the year? (5 pts.) 3. How much is the gross profit for the year? (5 pts.) 4. How much is the net income for the year (5pts.) 5.Prepare a Statement of Comprehensive income (10 pts.) 120,000.00 96,000.00 64,000.00 32,000.00 144,000.00 6.250.00 187,500.00 12.500.00 625.00 You are employed by the entity as its bookkeeper in its first year of operations. You will prepare the necessary financial statements for the current year. Accordingly, 25% of the Rent Depreciation and Utility Expense pertain to the sales office while the rest pertains to the corporate office. 6 Professional Fees Salaries Expense Supplies Expense Depreciation Expense Utilities Expense Insurance Expense ABC Architectural Consultants Rent Expense Gain on Sale of Equipment 312,500.00 31,250.00 46,875.00 37,500.00 Instructions: 1. Determine the net income (5 points) 2. Prepare a Statement of Comprehensive Income (15 points) 25,000.00 12,500.00 56,250.00 25,000.00 You are employed by the entity as its bookkeeper in its first year of operation. You will prepare the necessary financial statements for the current year.