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Statement of Comprehensive Income - Problem 1

Statement of Comprehensive Income sample problem and solution

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dadda3173
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2 views

Statement of Comprehensive Income - Problem 1

Statement of Comprehensive Income sample problem and solution

Uploaded by

dadda3173
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Business Name

Statement of Comprehensive Income


For the month of March 31, 2024

Sales 400,000.00
Less: Sales Discounts 10,000.00
Sales Returns and Allowances 50,000.00 60,000.00
Net Sales 340,000.00

Cost of Goods Sold:


Merchandise Inventory, March 1 100,000.00
Purchases 150,000.00
Less: Purchase Discounts 15,000.00
Purchase Returns and Allowances 15,000.00 30,000.00
Net Purchases 120,000.00
Add: Freight In 5,000.00
Delivered Cost of Purchases 125,000.00
Cost of Goods Available for Sales 225,000.00
Less: Merchandise Inventory, March 31 50,000.00
Cost of Goods Sold 175,000.00

Gross Profit 165,000.00

Less: Operating Expenses


Selling or Distribution Expenses
Salaries Expense 10,000.00
Freight Out 3,000.00
Uncollectible Accounts 1,000.00
Taxes and Licenses 500.00 14,500.00

General and Administrative Expense


Rent Expense 5,000.00
Depreciation Expense 5,000.00
Utilities Expense 2,500.00 12,500.00
Net Profit (Income) for March 138,000.00
350,000.00
15,000.00
45,000.00 60,000.00
290,000.00

75,000.00
200,000.00
7,500.00
7,500.00 15,000.00
185,000.00
5,000.00
190,000.00
265,000.00
45,000.00
220,000.00

70,000.00

15,000.00
2,500.00
500.00
500.00 18,500.00

10,000.00
2,000.00
3,000.00 15,000.00
36,500.00

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