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PROBLEM 3: SINGLESTEP METHOD The nominal accounts of Entity A on December 31, 20x1 have the f ' - following balances: . ' I W '- ' ' . 9696,000 Service fees . . . , Interest income - . V f " ' 48,000 Gain on sale of equipment 16,000 7 salaries expense ' $240,000 Rent expense , . ' 24,000 "Utilities expense : 16,000 I Supplies expense" _ 0' ' '1 8,000 " Depreciation expense ' ' ' ' "r 32,000 TaXes and licenses . 56,000 _ Bad'debts expense ' ~~ : 6,400 Interest expense ' ' 0 1,600 Miscellaneous expense ,' ' '~ 1800 , ' Totals 0 . ' ' \"$384,800 $760,000 ' Requirement Prepare a singlestep statement of comprehensive income Provide a proper heading for the statement. I d PROBLEM 4: FUNCTION OF EXPENSE Anne Jeng Inc.'s accounts show the following balances: Cost of goods sold P320,000 Insurance expense 75,000 Advertising expense 25,000 Freight-out 30,000 Loss on sale of equipment 7,000 Rent expense (one-half pertains sales department) 80,000 Salaries expense (1/4 pertains to non-sales personnel) 150,000 Sales commission expense 10,000 Bad debts expense 5,000 Interest expense 5,000 Requirement: Compute for the following: a. Distribution costs b. Administrative expenses