Answer to Question #244245 in Accounting for samantha

Question

Directions: Make 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 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

Gross Profit = ₱ 2,580,750

Operating Profit = ₱ 1,554,330

Income Tax Expense = 25% × 1554330 = ₱388582.5

Net Income = Gross Profit - all other expenses

= 2580750 - 388582.5 =₱2192167.5

Comprehensive Income include Net Income

Total Comprehensive Income =₱ 2,000,000 + ₱2192167.5 = ₱ 4192167.5