Answer to Question #243498 in Economics for Pau

Question

Directions: Construct and improvise a Statement of Comprehensive Income using the following

format and calculated values:

 

The Marriam 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

Statement of Comprehensive Income is:

Gross Profit = ₱ 2,580,750

Operating Profit = ₱ 1,554,330

Net income = ₱1,165,747.5,

Comprehensive Income = ₱ 2,000,000.