BB Company is merchandising business that sells goods in different parts of the country. The following summarized the transaction of BB during the year:Sales P540,000Rent income 30,000Interest income 10,000Gain on sale of machinery 12,000Cost of sales 200,000Rent expense 100,000Insurance expense 30,000Depreciation expense 40,000Loss on sale of equipment 15,000Foreign exchange translation loss 20,000Revaluation surplus 40,000 How much is the total income?

Total Income refers to Sum of all Income incurred during the year.

Answered: BB Company is merchandising business…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 2EA: Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019,...

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BB Company is merchandising business that sells goods in different parts of the country. The following summarized the transaction of BB during the year:

Sales	P540,000
Rent income	30,000
Interest income	10,000
Gain on sale of machinery	12,000
Cost of sales	200,000
Rent expense	100,000
Insurance expense	30,000
Depreciation expense	40,000
Loss on sale of equipment	15,000
Foreign exchange translation loss	20,000
Revaluation surplus	40,000

How much is the total income?

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