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  1. Tirol, Claudine Eevajo M.
  2. BS Accounting Technology
  3.  
  4. Problem #2
  5.  
  6. Samuel Merchandising
  7. Statement of Comprehensive Income
  8.  
  9. Sales 2,084,500.00
  10. Less: Sales Returns & Allowances 52,250.00
  11. Sales Discounts 40,600.00 92,850.00
  12. Net Sales 1,991,650.00
  13. Cost of Goods Sold:
  14. Purchases 1,250,600.00
  15. Transportation-In 56,250.00
  16. Less: Purchase Returns & Allowances 30,500.00
  17. Purchase Discounts 22,400.00
  18. 52,900.00
  19. Add: Merchandise Inventory, Beginning 245,950.00
  20. Net Purchases 1,499,900.00
  21. Gross Profit 491,750.00
  22. Less: Operating Expenses
  23. Selling Expenses 302,350.00
  24. Administrative and General Expenses 205,750.00
  25. Interest Expense 30,700.00
  26. 538,800.00
  27. (47,050.00)
  28. Add: Interest Income 15,550.00
  29. Income from Operations (31,500.00)
  30. Add: Merchandise Inventory, Ending 304,750.00
  31. Net Income 273,250.00
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