10:49 PM~ PT 2 and PT 3-1_-67425585 PROBLEM SOLVING 1 Instruction: Show your solution in every problem that needs computation Service Direct Direct Salaries Number Rent Income Labor Utilities Materials Expenses Supplies 1.No Ka 55,000 2,500 1,000 16,000 2,000 5,000 4,000 Pee Co. 2.La Tan Ungan 89,700 5,200 20,450 12,360 4.580 6,000 5,000 Co 3.Keye Tod Ay 148,300 2,420 32,200 24,000 6.820 10,000 9,020 Co. Requirements: 1. Prepare the Income Statement using all the information above for La Tan Ungan Co. and Keye Tod Ay Co. 2. All of the Company are ended on December 31. 3. Follow the example format below. No Ka Pee Co. Income Statement For the Year Ended December 31 Service income P55,000 P55,000 Direct Labor (2,500) Direct Materials (15,000) Direct Cost of Service (17,500) Salaries Expense (16,000) Utilities (2,000) Rent (5,000) Supplies (4.000) Total Expenses [27,000) Net income or Net loss P10.500 E10:49 PM~ ~ PROBLEM SOLVING 2 Given the information below solve the requirements needed. Sales Net Sales Cost of Sales Operating Other Income Expenses 1. P20,000 P15,000 P2.800 P3,500 P5,200 2. 48,000 5,720 10,000 14,000 3. 52.400 48.000 |15,000 8.000 4 42,000 12,900 8,9000 6,000 5. 83,123 78,123 42,000 18,200 Additional information; 1. The sales return and allowances is 2,500, and sales discount is 3,500, The accountant erroneously recorded 5,000 in total. 2. The Net sales is 95% of the sales. 3. The Operating Expenses is 20% of Net sales before deducting the sales return and allowances of 2,400. 4. The Operating income is 63,445. 5. The Cost of sales is 5% of Sales and 2% of Operating Expenses. PROBLEM SOLVING 3 The following is trial balance of Key. E.Kepe as of December 31, 2020; KEY E. KEPE COMPANY TRIAL BALANCE YEAR ENDED DECEMBER 31, 2020 Debit Credit Cash P2,000,000 Accounts Receivable 420,000 Allowances for bad debts P20,000 Prepaid Insurance 500,000 Merchandise Inventory (Jan. 01) 250,000 Supplies 30,000 Land 620,000 Building 320,000 Accumulated depreciation - Building 20,000 Machineries 120,000 Accumulated depreciation- Machineries 30,00010:49 PM~ ~ Equipment 50,000 Accumulated depreciation Equipment 5,000 Goodwill 400,000 Accounts payable 200,000 Notes payable 250,000 Bank payable-short term 185,000 Mortgage payable-short term 528,000 Bank payable-long term 220,00 Bond payable 130,000 Papa, Capital 2,000,000 Papa, Withdrawal 142,000 Sales 1,500,00 Sales discount 20,000 Sales returns and allowances 25,000 Purchases 350,000 Purchases discount 20,000 Purchases returns and allowances 50,000 Freight-In 22,000 Taxes and licenses expense 10,000 Supplies expense 10,000 Insurance expense 250,000 Salaries expense 38,000 Utilities expense 24,000 Depreciation-building 20,000 Depreciation-machineries 30,000 Depreciation-Equipment 5,000 Merchandise inventory (December 31) 250,000 Other income 214,000 Requirements: Compute for the following: Gross sales Net sales d. Gross purchases e. Net purchases f. Cost of sales g. Total revenue Net Income 3 of 410:49 PM~ ~ PROBLEM SOLVING 4 Requirement: Prepare a Statement of Comprehensive income for Problem 2 E