The Following are the accounts of Regina Merchandising for December 31,2019: Sales ₱2,500,000 Salaries Expense 50,000 Supplies Expenses 75,000 Depreciation Expense 60,000 Utilities Expense 40,000 Insurance Expense 20,000 Rent Expense 90,000 Beginning Inventory 50,000 Purhases 1,500,000 Ending Inventory 100,000 Sales Discount 5,000 You were employed by the entity as its bookkeeper in its first year of operations. You are now to prepare the necessary financial statements for the current year. Accordingly, 15% of rent, depreciation and utility expenses pertain to the sales office while the rest pertains to the corporate office. Instructions: 1. How much is the net sales for the year? 2. How much is the cost of sales for the year? 3. How much is the gross profit of the year?
The Following are the accounts of Regina Merchandising for December 31,2019:
Sales ₱2,500,000
Salaries Expense 50,000
Supplies Expenses 75,000
Utilities Expense 40,000
Insurance Expense 20,000
Rent Expense 90,000
Beginning Inventory 50,000
Purhases 1,500,000
Ending Inventory 100,000
Sales Discount 5,000
You were employed by the entity as its bookkeeper in its first year of operations. You are now to prepare the necessary financial statements for the current year.
Accordingly, 15% of rent, depreciation and utility expenses pertain to the sales office while the rest pertains to the corporate office.
Instructions:
1. How much is the net sales for the year?
2. How much is the cost of sales for the year?
3. How much is the gross profit of the year?
4. Prepare a statement of comprehensive income.
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