5) Pertinent accounts gathered from the records of Heart Company for the year 2021 are given below: Purchases P 5,250,000.00 Sales P 8,000,000.00 Purchase returns and allowances 150,000.00 Sales returns and allowances 140,000.00 Freight-In 500,000.00 Sales discounts 10,000.00 Salesmen's commissions 650,000.00 Officer's salaries 200,000.00 Depreciation-Store equipment Depreciation-Office equipment Depreciation-Warehouse Utilities 125,000.00 15,000.00 Inventory, January 1 Inventory, December 31 1,000,000.00 35,000.00 1,500,000.00 55,000.00 Rental expense-Store 35,000.00 Delivery expense 20,000.00 Prepare the Statement of Comprehensive Income (Multi-Step Format) of Heart Company for the year ended December 31, 2021.
5) Pertinent accounts gathered from the records of Heart Company for the year 2021 are given below: Purchases P 5,250,000.00 Sales P 8,000,000.00 Purchase returns and allowances 150,000.00 Sales returns and allowances 140,000.00 Freight-In 500,000.00 Sales discounts 10,000.00 Salesmen's commissions 650,000.00 Officer's salaries 200,000.00 Depreciation-Store equipment Depreciation-Office equipment Depreciation-Warehouse Utilities 125,000.00 15,000.00 Inventory, January 1 Inventory, December 31 1,000,000.00 35,000.00 1,500,000.00 55,000.00 Rental expense-Store 35,000.00 Delivery expense 20,000.00 Prepare the Statement of Comprehensive Income (Multi-Step Format) of Heart Company for the year ended December 31, 2021.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...
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