Prepare the Multi Step Statement of Comprehensive Income From the following da ta, prepare a multi-step Income Statement forABC Company for the year ended December 31, 2007Cash on hand92,000.00Account Receivable58,000.00Mechandise Inventory, Jan. 1Office EquipmentAccounts PayableNotes PayableCosme, Capital10,000.009,000.0012,000.005,000.00100,500.00Cosme, Drawing2,000.00Sales350,000.00Sales Discount1,000.00Sales Returns and Allowances2,000.00Purchases250,000.00Purchase Discount2,000.00Purchase Returns and Allowances2,500.001,500.001,500.0036,000.002,000.00Freight-inTaxes and LicensesSalaries ExpenseSupplies ExpensesFreigh- OutAdvertising Expenses3,000.003,000.00Interest Income1,000.00Interest ExpenseNote: The merchandise inventory on December 31, 2007 was P20,000.002,000.00

Income statement is the one which is prepared by the entities to depict the profitability position.…

From the following da ta, prepare a multi-step Income Statement for ABC Company for the year ended December 31, 2007 Cash on hand 92,000.00 Account Receivable 58,000.00 Mechandise Inventory, Jan. 1 Office Equipment Accounts Payable Notes Payable Cosme, Capital Cosme, Drawing Sales 10,000.00 9,000.00 12,000.00 5,000.00 100,500.00 2,000.00 350,000.00 1,000.00 Sales Discount Sales Returns and Allowances 2,000.00 250,000.00 2,000.00 2,500.00 1,500.00 Purchases Purchase Discount Purchase Returns and Allowances Freight-in 1,500.00 36,000.00 Taxes and Licenses Salaries Expense Supplies Expenses Freigh- Out Advertising Expenses 2,000.00 3,000.00 3,000,00 Interest Income 1,000.00 Interest Expense Note: The merchandise inventory on December 31, 2007 was P20,000.00 2,000.00

From the following da ta, prepare a multi-step Income Statement for ABC Company for the year ended December 31, 2007 Cash on hand 92,000.00 Account Receivable 58,000.00 Mechandise Inventory, Jan. 1 Office Equipment Accounts Payable Notes Payable Cosme, Capital Cosme, Drawing Sales 10,000.00 9,000.00 12,000.00 5,000.00 100,500.00 2,000.00 350,000.00 1,000.00 Sales Discount Sales Returns and Allowances 2,000.00 250,000.00 2,000.00 2,500.00 1,500.00 Purchases Purchase Discount Purchase Returns and Allowances Freight-in 1,500.00 36,000.00 Taxes and Licenses Salaries Expense Supplies Expenses Freigh- Out Advertising Expenses 2,000.00 3,000.00 3,000,00 Interest Income 1,000.00 Interest Expense Note: The merchandise inventory on December 31, 2007 was P20,000.00 2,000.00

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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