REQUIRED:

1.  Change income tax to fit fiscal year (They're accrued expenses)
2. Match PPE to initial invested PPE

Transcribed Image Text:

O 2 3 } 5 6 7 3 9 0 1 2 3 } 5 5 * 3 9 0 I 2 3. = 6 5 7 3 } ) 4 2 3 4 5 5 - 3. 2023 Net Sales Revenue Less: Cost of Sales (Note 1) Gross Profit Less: Operating Expenses Distribution Expenses (Note 2) Administrative Expense (Note 3) Net Income Before Tax Less: Income Tax Rate (25%) Net Income After Tax Net Profit or Loss Divided Equally Net Income Note 1: Cost of Sales Merchandise Inventory, July 1 Add: Net Purchases Add: Freight-in Total Goods Available for Sale Less: Merchandise Inventory, June 30 Total Cost of Sales Note 2: Distribution Expenses Advertising Expense Freight-out Store Supplies Expense Total Distribution Expense Kami Naman Income Statement For the year ended June 30, 2023 Distribution of Net Income Bangalan 45,586.39 45,586.39 Note 3: Administrative Expenses Salaries Expense Office Supplies Expense Utilities Expense Rent Expense SSS, Pag-ibig, and PhilHealth Expense Depreciation Expense - Office Equipment Depreciation Expense - Furniture & Fixture Total Administrative Expense 15,450 128,223 Computational Notes to Financial Statements 725,000 568,000 1,200 Domingo 45,586.39 45,586.39 1,294,200 1,294,200 634,000 660,200 12,750 1,100 1,600 15,450 28,340 1,250 11,680 75,000 6,200 3008.6 2,744 128,223 1,047,000 660,200 386,800 143,673 243,127 60,781.85 182,345.55 Lumontad 45,586.39 45,586.39 Tagle Total 45,586.39 182,345.55 45,586.39 182,345.55 O 2 3 } 5 6 7 3 9 0 1 2 3 } 5 5 * 3 9 0 I 2 3. = 6 5 7 3 } ) 4 2 3 4 5 5 - 3. 2023 Net Sales Revenue Less: Cost of Sales (Note 1) Gross Profit Less: Operating Expenses Distribution Expenses (Note 2) Administrative Expense (Note 3) Net Income Before Tax Less: Income Tax Rate (25%) Net Income After Tax Net Profit or Loss Divided Equally Net Income Note 1: Cost of Sales Merchandise Inventory, July 1 Add: Net Purchases Add: Freight-in Total Goods Available for Sale Less: Merchandise Inventory, June 30 Total Cost of Sales Note 2: Distribution Expenses Advertising Expense Freight-out Store Supplies Expense Total Distribution Expense Kami Naman Income Statement For the year ended June 30, 2023 Distribution of Net Income Bangalan 45,586.39 45,586.39 Note 3: Administrative Expenses Salaries Expense Office Supplies Expense Utilities Expense Rent Expense SSS, Pag-ibig, and PhilHealth Expense Depreciation Expense - Office Equipment Depreciation Expense - Furniture & Fixture Total Administrative Expense 15,450 128,223 Computational Notes to Financial Statements 725,000 568,000 1,200 Domingo 45,586.39 45,586.39 1,294,200 1,294,200 634,000 660,200 12,750 1,100 1,600 15,450 28,340 1,250 11,680 75,000 6,200 3008.6 2,744 128,223 1,047,000 660,200 386,800 143,673 243,127 60,781.85 182,345.55 Lumontad 45,586.39 45,586.39 Tagle Total 45,586.39 182,345.55 45,586.39 182,345.55

Answer rating: 100% (QA)

To change the income tax to fit the fiscal year youll need to adjust ... View the full answer