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Sample Natural Form of Statement of Comprehensive Income

Charlotte's Designer and Tailoring Shop reported total revenues of ₱800,000 for the period ended December 31, 2020. Total operating expenses were ₱670,500, resulting in net income before taxes of ₱129,500. After paying income taxes of ₱38,850, the company reported a net income of ₱90,650. Additionally, the company had other comprehensive income of ₱150,450, bringing their total comprehensive income to ₱241,100.

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Hazel Joy Demagante
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575 views1 page

Sample Natural Form of Statement of Comprehensive Income

Charlotte's Designer and Tailoring Shop reported total revenues of ₱800,000 for the period ended December 31, 2020. Total operating expenses were ₱670,500, resulting in net income before taxes of ₱129,500. After paying income taxes of ₱38,850, the company reported a net income of ₱90,650. Additionally, the company had other comprehensive income of ₱150,450, bringing their total comprehensive income to ₱241,100.

Uploaded by

Hazel Joy Demagante
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Charlotte's Designer and Tailoring Shop

Statement of Comprehensive Income


For the period ended/ending December 31, 2020

Note
Revenues
Service Income ₱ 750,000.00
Other Income 1 50,000.00 ₱ 800,000.00
Less: Operating Expenses
Salaries and Wages Expense 2 ₱ 250,000.00
Supplies Expense 3 120,000.00
Advertising Expense 82,000.00
Transportation and Travel Expenses 80,000.00
Utilities Expense 4 50,500.00
Depreciation Expense 5 27,500.00
Insurance Expense 17,000.00
Representation and Entertainment Expense 14,000.00
Repairs and Maintenance Expense 12,000.00
Taxes and Licenses Expense 9,500.00
Doubtful Accounts Expense 4,000.00
Miscellaneous Expense 2,000.00
Finance Cost 2,000.00 (670,500.00)
Net Income Before Taxes ₱ 129,500.00
Income Tax Expense (38,850.00)
Net Income/Profit After Taxes ₱ 90,650.00
Other Comprehensive Income 150,450.00
Total Comprehensive Income ₱ 241,100.00

Notes to Financial Statements


For the period ending December 31, 2020

Note 1 - Other Income


Gain on sale of furniture ₱ 30,000.00
Interest Income 20,000.00
Total Other Income ₱ 50,000.00

Note 2 - Salaries and Wages Expense


Salaries Expense - Administrative Staff ₱ 120,000.00
Salaries Expense - Sales Department 90,000.00
Bonuses and other benefits 40,000.00
Total Salaries and Wages Expense ₱ 250,000.00

Note 3 - Supplies Expense


Store Supplies Expense ₱ 105,000.00
Office Supplies Expense 15,000.00
Total Supplies Expense ₱ 120,000.00

Note 4 - Utilities Expense


Electricity Expense ₱ 25,000.00
Communications Expense 20,000.00
Water Expense 5,500.00
Total Utilities Expense ₱ 50,500.00

Note 5 - Depreciation Expense


Depreciation Expense - Store Equipment ₱ 14,000.00
Depreciation Expense - Office Equipment 13,500.00
Total Depreciation Expense ₱ 27,500.00

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