Case I. Statement of Comprehensive IncomeDela Pax Company's trial balance reflected the following account balances on December 31, 2X21:Net salesP8,000,000250,0005,000,00060,000100,000Share of profit of associatesCost of goods soldInterest incomeGain on sale of machineryRevaluation surplus during the year600,000Finance cost70,000120,000Distribution costsAdministrative expensesTranslation loss on foreign operation240,000100,000894,000400,000Income tax expenseIncome from discountinued operationsRequired:Compute for the followinga. Gross incomeb. Income from continuing operationsc. Comprehensive income

Gross income is the profit earned by the firm from their operating activities after deducting the…

Case I. Statement of Comprehensive Income Dela Pax Company's trial balance reflected the following account balances on December 31, 2X2 P8,000,000 250,000 5,000,000 Net sales Share of profit of associates Cost of goods sold Interest income 60,000 100,000 600,000 70,000 120,000 240,000 100,000 Gain on sale of machinery Revaluation surplus during the year Finance cost Distribution costs Administrative expenses Translation loss on foreign operation Income tax expense Income from discountinued operations 894,000 400,000 Required: Compute for the following a. Gross income b. Income from continuing operations c. Comprehensive income

Case I. Statement of Comprehensive Income Dela Pax Company's trial balance reflected the following account balances on December 31, 2X2 P8,000,000 250,000 5,000,000 Net sales Share of profit of associates Cost of goods sold Interest income 60,000 100,000 600,000 70,000 120,000 240,000 100,000 Gain on sale of machinery Revaluation surplus during the year Finance cost Distribution costs Administrative expenses Translation loss on foreign operation Income tax expense Income from discountinued operations 894,000 400,000 Required: Compute for the following a. Gross income b. Income from continuing operations c. Comprehensive income

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...

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