Answer to Question #247885 in Accounting for samantha

Question

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: