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Best Friends Co. Statement of Profit or Loss and Other Comprehensive Income For The Year Ended December 31, 20x1

The document is a statement of profit or loss and other comprehensive income for Best Friends Co. for the year ended December 31, 20x1. It shows the company had total sales of 22.8 million pesos and cost of sales of 9.6 million pesos, resulting in a gross profit of 13.1 million pesos. It also lists various expenses, gains/losses, profit before tax of 5.2 million pesos, and income tax expense of 1.6 million pesos, giving a profit for the year of 3.7 million pesos. The statement additionally reports items of other comprehensive income.

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Luis Alcala
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289 views3 pages

Best Friends Co. Statement of Profit or Loss and Other Comprehensive Income For The Year Ended December 31, 20x1

The document is a statement of profit or loss and other comprehensive income for Best Friends Co. for the year ended December 31, 20x1. It shows the company had total sales of 22.8 million pesos and cost of sales of 9.6 million pesos, resulting in a gross profit of 13.1 million pesos. It also lists various expenses, gains/losses, profit before tax of 5.2 million pesos, and income tax expense of 1.6 million pesos, giving a profit for the year of 3.7 million pesos. The statement additionally reports items of other comprehensive income.

Uploaded by

Luis Alcala
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Best Friends Co.

Statement of Profit or Loss and Other Comprehensive Income


For the year ended December 31, 20x1
(Amounts in Philippine Pesos)
Sales
Cost of sales
Gross Profit
Distribution costs
Administrative expenses
Gain on impairment recovery of Property, Plant, & Equipment
Loss on inventory write down
Bad debts expenses
Reclassification of financial asset
Unrealized gains on financial assets
Finance costs
Profit before tax
Income tax expense
Profit for the year
Other Comprehensive Income
Items that will not be reclassified subsequently:
Revaluation increase during the year
Items that may be reclassified subsequently to profit or loss:
Other Comprehensive Income for the year, net of tax
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
Solution:
ome
Beginning Inventory 3,000,000.00
Purchases 7,400,000.00
22,800,000.00 Less: Purchase Returns (670,000.00) 6,730,000.00
(9,664,000.00) Freight-in 320,000.00
13,136,000.00 10,050,000.00
(1,470,000.00) Ending Inventory (386,000.00)
(6,400,000.00) COST OF SALES 9,664,000.00
720,000.00
(116,000.00) A Inventory, end
(50,000.00) Income summary
(200,000.00)
180,000.00 B Loss on inventory write down
(560,000.00) Inventory, end
5,240,000.00
(1,572,000.00) C Bad debts expense
3,668,000.00 Allowance for bad debts

D Loss on reclassification
130,000.00 Held for trading securities
-
130,000.00 Held for trading securities
3,798,000.00 Unrealized gain

E Income tax expense


Income tax payable
386,000.00
386,000.00

116,000.00
116,000.00

50,000.00
50,000.00

200,000.00
20,000.00

180,000.00
180,000.00

1,572,000.00
1,572,000.00

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