Question: Make a statement of comprehensive income ( Function of expense method) show complete solution and net income. Additional information: a. Ending Inventoryr is 80,000. b.
Make a statement of comprehensive income ( Function of expense method) show complete solution and net income.



Additional information: a. Ending Inventoryr is 80,000. b. One-half of the salaries, rent, and depreciation expenses pertain to the sales department. The sales department does not share in the other expense. REQUIRED: Prepare the statement of comprehensive income Debit Credit Salaries Expense 300,000 Rent Expense 30,000 Depreciation Expense 40,000 Utilities Expense 20,000 Supplies Expense 10,000 Transportation and travel Expense 5,000 Insurance Expense 12,000 Taxes and Licenses 70,000 Interest Expense 2,000 Miscellaneous Expense 1,000 Loss on the sale of equipment 15,000The trial balance of XYZ Co. on December 31, 20x1 shows the following information: Debit Credit Sales P 900,000 Interest Income 60,000 Gains 20,000 Inventory, beg. P50,000 Purchases 200,000 Freight-In 10,000 Purchase Returns 5,000 Purchase Discounts 2,000 Freight out 25,000 Sales Commission 30,000 Advertising Expense 15,000
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