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- Tirol, Claudine Eevajo M.
- BS Accounting Technology
- Problem #2
- Samuel Merchandising
- Statement of Comprehensive Income
- Sales 2,084,500.00
- Less: Sales Returns & Allowances 52,250.00
- Sales Discounts 40,600.00 92,850.00
- Net Sales 1,991,650.00
- Cost of Goods Sold:
- Purchases 1,250,600.00
- Transportation-In 56,250.00
- Less: Purchase Returns & Allowances 30,500.00
- Purchase Discounts 22,400.00
- 52,900.00
- Add: Merchandise Inventory, Beginning 245,950.00
- Net Purchases 1,499,900.00
- Gross Profit 491,750.00
- Less: Operating Expenses
- Selling Expenses 302,350.00
- Administrative and General Expenses 205,750.00
- Interest Expense 30,700.00
- 538,800.00
- (47,050.00)
- Add: Interest Income 15,550.00
- Income from Operations (31,500.00)
- Add: Merchandise Inventory, Ending 304,750.00
- Net Income 273,250.00
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