The following selected data were taken from the records of J. GEPIGA Merchandising Company for the...
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The following selected data were taken from the records of J. GEPIGA Merchandising Company for the year 2022 UNEARNED INCOME/REVENUE P 10,200.00 SALES RETURNS AND ALLOWANCES P 31,250.00 BEGINNING INVENTORY P 450,000.00 PURCHASES FREIGHT IN PURCHASES DISCOUNT P 275,000.00 13,000.00 ℗ 6,500.00 PURCHASE RETURNS AND ALLOWANCES P 14,000.00 ENDING INVENTORY SALES SALARIES EXPENSE P 163,000.00 $35,000.00 SALES SHOWROOM RENT EXPENSE P4,500.00 PREPAID RENT 5,000.00 AUDIT FEES 10,000.00 EXECUTIVE SALARIES EXPENSE 45,000.00 ADVERTISING EXPENSE P12,000.00 ACCRUED EXPENSE DEPRECIATION EXPENSE - OFFICE BUILDING OFFICE SUPPLIES EXPENSE INTEREST INCOME INTEREST EXPENSE SALES P 5,000.00 ℗ 30,000.00 P 3,500.00 $5,000.00 P 1,500.00 $1,500,000.00 SALES DISCOUNT P25,000.00 ADDITIONAL INFORMATION: THE COMPANY INCURRED AN INCOME TAX EXPENSE AMOUNTING TO PHP 25,000. REQUIRED: COMPUTE FOR COMPANY'S NET INCOME LOSS USING SINGLE STEP AND MULTI STEP STATEMENT OF COMPREHENSIVE INCOME. The following selected data were taken from the records of J. GEPIGA Merchandising Company for the year 2022 UNEARNED INCOME/REVENUE P 10,200.00 SALES RETURNS AND ALLOWANCES P 31,250.00 BEGINNING INVENTORY P 450,000.00 PURCHASES FREIGHT IN PURCHASES DISCOUNT P 275,000.00 13,000.00 ℗ 6,500.00 PURCHASE RETURNS AND ALLOWANCES P 14,000.00 ENDING INVENTORY SALES SALARIES EXPENSE P 163,000.00 $35,000.00 SALES SHOWROOM RENT EXPENSE P4,500.00 PREPAID RENT 5,000.00 AUDIT FEES 10,000.00 EXECUTIVE SALARIES EXPENSE 45,000.00 ADVERTISING EXPENSE P12,000.00 ACCRUED EXPENSE DEPRECIATION EXPENSE - OFFICE BUILDING OFFICE SUPPLIES EXPENSE INTEREST INCOME INTEREST EXPENSE SALES P 5,000.00 ℗ 30,000.00 P 3,500.00 $5,000.00 P 1,500.00 $1,500,000.00 SALES DISCOUNT P25,000.00 ADDITIONAL INFORMATION: THE COMPANY INCURRED AN INCOME TAX EXPENSE AMOUNTING TO PHP 25,000. REQUIRED: COMPUTE FOR COMPANY'S NET INCOME LOSS USING SINGLE STEP AND MULTI STEP STATEMENT OF COMPREHENSIVE INCOME.
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Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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