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Nature of Expense Method

Malabanan Co. reported total income of ₱1,125,000 for the period ended December 31, 2013, which included ₱1,045,000 in sales and ₱80,000 in interest income. Total expenses for the period were ₱1,070,000, resulting in a profit of ₱55,000 for the year.

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G - HAMUYAN, ANNE CLARISSE R.
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520 views

Nature of Expense Method

Malabanan Co. reported total income of ₱1,125,000 for the period ended December 31, 2013, which included ₱1,045,000 in sales and ₱80,000 in interest income. Total expenses for the period were ₱1,070,000, resulting in a profit of ₱55,000 for the year.

Uploaded by

G - HAMUYAN, ANNE CLARISSE R.
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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SInge-step Approach

Malabanan Co.
Statement of Comprehensive Income
For the period ended December 31, 2013

INCOME
Sales ₱1,045,000
Interest income ₱80,000
Total Income ₱1,125,000

EXPENSES
Net purchases ₱338,000
Change in inventory -₱70,000
Freight - out ₱25,000
Sales commission ₱60,000
Advertising expense ₱35,000
Salaries expense ₱350,000
Rent expense ₱60,000
Depreciation expense ₱80,000
Utilities expense ₱40,000
Supplies expense ₱30,000
Transportation and travel expense ₱25,000
Insurance expense ₱25,000
Taxes and licenses ₱50,000
Interest expense ₱5,000
Miscellaneous expense ₱2,000
Loss in the sale of equipment ₱15,000
Total Expenses ₱1,070,000

PROFIT OF THE YEAR ₱55,000


Other Comprehensive Income —
COMPREHENSIVE INCOME OF THE YEAR ₱55,000

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