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Statement of Comprehensive Income. The adjusted trial balance of SQUIDWARD Company includes the following accounts at December 31, 2021 (in Philippine Pesos): Net sales 5,000,000 180,000 520,000...

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How much is SQUIDWARD's cost of sales for the year ended December 31, 2021?

How much is SQUIDWARD's total selling and distribution expenses for the year ended December 31, 2021? 

How much is SQUIDWARD's total comprehensive income for the year ended December 31, 2021? 

Statement of Comprehensive Income. The adjusted trial balance of SQUIDWARD Company includes the following accounts at December 31, 2021 (in Philippine Pesos): Net sales 5,000,000 180,000 520,000 Interest expense Inventory, December 31, 2021 Net purchases 2,800,000 Sales commissions 500,000 Office salaries 720,000 Office supplies used Dividend income 110,000 16,000 Gain on sale of equipment 100,000 400,000 55,000 Rent expense Unrealized gain on investments at fair value through profit or loss Unrealized gain on investments at fair value through other comprehensive income during the year, pre-tax Depreciation expense - store equipment Depreciation expense - office equipment Freight-in Freight-out 88,000 70,000 50,000 80,000 120,000 Additional information: (1) Inventory, January 1, 2021 is P450,000 (2) Income tax rate is 30% (3) Rent expense is allocated as follows: 60% to selling and 40% to office
Extracted text: Statement of Comprehensive Income. The adjusted trial balance of SQUIDWARD Company includes the following accounts at December 31, 2021 (in Philippine Pesos): Net sales 5,000,000 180,000 520,000 Interest expense Inventory, December 31, 2021 Net purchases 2,800,000 Sales commissions 500,000 Office salaries 720,000 Office supplies used Dividend income 110,000 16,000 Gain on sale of equipment 100,000 400,000 55,000 Rent expense Unrealized gain on investments at fair value through profit or loss Unrealized gain on investments at fair value through other comprehensive income during the year, pre-tax Depreciation expense - store equipment Depreciation expense - office equipment Freight-in Freight-out 88,000 70,000 50,000 80,000 120,000 Additional information: (1) Inventory, January 1, 2021 is P450,000 (2) Income tax rate is 30% (3) Rent expense is allocated as follows: 60% to selling and 40% to office
Answered 120 days After Jun 01, 2022

Solution

Prince answered on Sep 30 2022
72 Votes
Sheet1
    Profit and Loss Statement                Cost of Sales
    Particular    Amount    Amount        Particular    Amount
    Net Sales        5,000,000.00        Inventory, January 1, 2021    450,000.00
    Less: Cost of Sales        2,810,000.00        Add:
    Gros Profit        2,190,000.00        Net purchases    2,800,000.00
                    Freight-in    80,000.00
    Less: Expenses                Less:
    Interest Expenses    180,000.00            Inventory, December 31, 2021    - 520,000.00
    Sales Commissions    500,000.00            Cost of Sales    2,810,000.00
    Office...
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