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Statement of Comprehensive Income - Problem 2

Statement of Comprehensive Income Problem and solution

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dadda3173
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12 views1 page

Statement of Comprehensive Income - Problem 2

Statement of Comprehensive Income Problem and solution

Uploaded by

dadda3173
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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Business Name

Statement of Comprehensive Income


For the month of March 31, 2024

Sales 350,000.00
Less: Sales Discounts 15,000.00
Sales Returns and Allowances 45,000.00 60,000.00
Net Sales 290,000.00

Cost of Goods Sold:


Merchandise Inventory, March 1 75,000.00
Purchases 200,000.00
Less: Purchase Discounts 7,500.00
Purchase Returns and Allowances 7,500.00 15,000.00
Net Purchases 185,000.00
Add: Freight In 5,000.00
Delivered Cost of Purchases 190,000.00
Cost of Goods Available for Sales 265,000.00
Less: Merchandise Inventory, March 31 45,000.00
Cost of Goods Sold 220,000.00

Gross Profit 70,000.00

Less: Operating Expenses


Selling or Distribution Expenses
Salaries Expense 15,000.00
Freight Out 2,500.00
Uncollectible Accounts 500.00
Taxes and Licenses 500.00 18,500.00

General and Administrative Expense


Rent Expense 10,000.00
Depreciation Expense 2,000.00
Utilities Expense 3,000.00 15,000.00
Net Profit (Income) for March 36,500.00

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