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 Swift Company Statement of Comprehensive Income is as follows: