Answer to Question #245211 in Accounting for samantha

Question

STATEMENT OF COMPREHENSIVE INCOME 

Practice Set 12 

  

1. The Swift 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 = ₱ 3,822,300 

Sales Returns= ₱ 219,700 

Gross Purchases = ₱ 1,000,000 

Purchase Discounts = ₱ 180,000 

Beginning Inventories = ₱ 920,500 

Ending Inventories = ₱ 450,800 

Distribution Expenses = ₱ 760,200 

Administrative Expenses = ₱ 440,900 

Other Comprehensive Income = ₱ 210,000 

  

Answer 1

Solution:

The statement of comprehensive income is as below: