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Name: Jhunard C. Bamuya Abm-12-B Activity 1. Solve For The Elements of Comprehensive Income For The Following

The document contains solutions to accounting problems completed by a student named Jhunard C. Bamuya. It includes calculations for a company's general and administrative expenses, cost of goods available for sale, net purchases, ending inventory, and cost of goods sold given various financial figures. It also shows a multi-step income statement prepared by the student for a fictional company called Bamuya's Company using provided sales, expense, and inventory figures.

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Irish C. Bamuya
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280 views

Name: Jhunard C. Bamuya Abm-12-B Activity 1. Solve For The Elements of Comprehensive Income For The Following

The document contains solutions to accounting problems completed by a student named Jhunard C. Bamuya. It includes calculations for a company's general and administrative expenses, cost of goods available for sale, net purchases, ending inventory, and cost of goods sold given various financial figures. It also shows a multi-step income statement prepared by the student for a fictional company called Bamuya's Company using provided sales, expense, and inventory figures.

Uploaded by

Irish C. Bamuya
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Name: JHUNARD C.

BAMUYA ABM-12-B

Activity 1. Solve for the elements of Comprehensive Income for the following
independent activity: Show your solution.

1. Inner Spark’s commission to sales person amounted to Php100,000,


salaries of secretary amounted to Php20,000. No other expense was
incurred. How much is the company’s general and administrative
expense?

GADE = Php20,000 since there’s only one expense

2. Inner Spark’s beginning inventory amounted to Php230,000. Net


purchases amounted to Php90,000. Freight is 15,000. Compute for the
company’s cost of goods available for sale.

COGS = BI + NP + F
= 230,000 + 90,000 + 15,000
= Php335,000

3. Inner Spark’s total purchases is Php120,000 while purchase returns and


purchase discounts amounted to Php30,000 and Php20,000 respectively.
How much is the company’s net purchases?

NP = TP – ( PR + PD )
= 120,000 – ( 30,000 + 20,000 )
= 120,000 – 50,000
= Php70,000

4. Inner Spark’s cost of goods sold amounted to Php335,000. Net cost of


purchases totaled Php185,000. Beginning inventory amounted to
Php250,000. Sales amounted to Php800,000. Compute for the
company’s Ending Inventory.

EI = ( BI + NCOP ) – COGS
= ( 250,000 + 185,000 ) – 335,000
= 435,000 – 335,000
= Php100,000

5. Gross profit of Inner Spark’s company amounted to Php275,000. Net


Sales is Php400,000 compute for cost of goods sold?

COGS = NS – GP
= 400,000 – 275,000
= Php125,000

Name: JHUNARD C. BAMUYA ABM-12-B

Activity 2

Prepare the Statement of Comprehensive income using a Multi-step Approach.


Tax expense is 0. Use your Surname as your company name

Sales Php80,000.00
Merchandise Inventory beg 5,000.00
Sales Discount 5,000.00
Net Purchases 10, 500.00
Sales Returns 2,000.00
Freight In 8,000.00
General Expenses 12,000.00
Merchandise Inventory End. 3,500.00
Selling Expenses 4,000.00
REMEMBER
CHECK YOUR UNDERSTANDING
\ Bamuya's Company
Statement of Comprehensive Income
For the period ended April 30, 2021

Net Sales Php73,000.00


Cost of Sales 20,000.00
Gross Profit Php53,000.00
General & Administrative Expenses (12,000.00)
Selling Expenses (4,000.00)
Net Income Php37,000.00
Tax Expense 000.00
Net Income after Tax Php37,000.00
===========

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