Answer to Question #245210 in Accounting for samantha

Question

STATEMENT OF COMPREHENSIVE INCOME 

Practice Set 11 

  

1. The Deluxe 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 = ₱ 3,500,000 

Sales Allowances= ₱ 120,000 

Net Purchases = ₱ 1,280,000 

Ending Inventories = ₱ 450,000 

Distribution Expenses = ₱ 280,000 

Administrative Expenses = ₱ 150,000 

Other Comprehensive Income = ₱ 330,000 

  

Answer 1

Solution:

The Deluxe Company Statement of Comprehensive Income is as follows: