Stores reports sales revenue of P1,950,000 for the current year. Inventory at the beginning of the year
Fantastic news! We've Found the answer you've been seeking!
Question:
Stores reports sales revenue of P1,950,000 for the current year.
Inventory at the beginning of the year was P195,000.
Purchases during the year amounted to P1, 140,000.
At the end of the year inventory on hand was P142,500.
Various operating expenses:
Supplies - P99,000;
Salaries - P171,000;
Communication - P30,000;
Advertising - P69,000;
Utilities - P19,500;
Taxes and Insurance - P25,500;
Depreciation - P18,000,
Insurance - P45,000.
Required: Income statement for the company.
Expert Answer:
To create an income statement well calculate the Cost of Goods Sold COGS first then deduct operating ... View the full answer
Posted Date:
