Prepare a common size statement for the given income statement/statement of comprehensive income. HAPPY SELLING COMPANYSTATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED DECEMBER 31, 2016NET SALESPhp 460,000.00Cost of Goods Sold(285,000.00)Gross ProfitPhp 175,000.00General & Administrative ExpensesSalaries Expense(Php 20,000.00)Rent Expense{15,000.00)Depreciation Expense(10,000.00)Utilities Expense(5,000.00)Miscellaneous Expense(1,000.00)(51,000 00)Selling ExpensesSalaries Expense(Php 10,000.00)Rent Expense(8,000.00)Depreciation Expense(7,000.00)Utilities Expense(6,000.00)(31,000.00)Net IncomePhp 93,000.00

Introduction: Income statement: It tells the net profit or loss for the company. All revenues and…

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Prepare a common size statement for the given income statement/statement of comprehensive income.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter1: Introduction To Business Activities And Overview Of Financial Statements And The Reporting Process

Section: Chapter Questions

Problem 23E

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Question

Prepare a common size statement for the given income statement/statement of comprehensive income.

HAPPY SELLING COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2016
NET SALES
Php 460,000.00
Cost of Goods Sold
(285,000.00)
Gross Profit
Php 175,000.00
General & Administrative Expenses
Salaries Expense
(Php 20,000.00)
Rent Expense
{15,000.00)
Depreciation Expense
(10,000.00)
Utilities Expense
(5,000.00)
Miscellaneous Expense
(1,000.00)
(51,000 00)
Selling Expenses
Salaries Expense
(Php 10,000.00)
Rent Expense
(8,000.00)
Depreciation Expense
(7,000.00)
Utilities Expense
(6,000.00)
(31,000.00)
Net Income
Php 93,000.00

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