STATEMENT OF COMPREHENSIVE INCOME Practice Set 12 1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020. 2. Always apply the income tax expense as 25% of operating profit. Gross Sales = P 3,822,300 Sales Returns= P 219,700 Gross Purchases = P 1,000,000 Purchase Discounts = P 180,000 Beginning Inventories = P 920,500 %3D Ending Inventories = P 450,800 Distribution Expenses = P 760,200 Administrative Expenses = P 440,900 %3D Other Comprehensive Income = P 210,000

STATEMENT OF COMPREHENSIVE INCOME Practice Set 12 1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020. 2. Always apply the income tax expense as 25% of operating profit. Gross Sales = P 3,822,300 Sales Returns= P 219,700 Gross Purchases = P 1,000,000 Purchase Discounts = P 180,000 Beginning Inventories = P 920,500 %3D Ending Inventories = P 450,800 Distribution Expenses = P 760,200 Administrative Expenses = P 440,900 %3D Other Comprehensive Income = P 210,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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