Answer to Question #243698 in Accounting for samantha

Question

 a Statement of Comprehensive Income using the following format and calculated values:

The Mirriam Company has the following SCI balances at the end of the year. Prepare an

SCI which contains the determination of net income and comprehensive income for the period.

Gross Profit = ₱ 2,580,750

Operating Profit = ₱ 1,554,330

Income Tax Expense = 25% of Operating Profit

Comprehensive Income = ₱ 2,000,000

Answer 1

Net Income = Operating Profit - Income Tax Expense

Net Income = 1,554,330 + 1,554,330*25% = ₱ 1,165,748

SCI:

Net Income = ₱ 1,165,748

Comprehensive Income = ₱ 2,000,000