The following selected data were taken from the records of J. GEPIGA Merchandising Company for the year 2022 UNEARNED INCOME/REVENUE SALES RETURNS AND ALLOWANCES BEGINNING INVENTORY PURCHASES FREIGHT IN PURCHASES DISCOUNT PURCHASE RETURNS AND ALLOWANCES ENDING INVENTORY SALES SALARIES EXPENSE SALES SHOWROOM RENT EXPENSE PREPAID RENT AUDIT FEES EXECUTIVE SALARIES EXPENSE ADVERTISING EXPENSE ACCRUED EXPENSE DEPRECIATION EXPENSE-OFFICE BUILDING OFFICE SUPPLIES EXPENSE INTEREST INCOME INTEREST EXPENSE SALES SALES DISCOUNT ADDITIONAL INFORMATION: ℗ 10,200.00 P 31,250.00 P 450,000.00 P 275,000.00 P 13,000.00 P 6,500.00 P14,000.00 P 163,000.00 P 35,000.00 P4,500.00 P 5,000.00 P 10,000.00 ℗ 45,000.00 ℗ 12,000.00 Đ 5,000.00 30,000.00 P 3,500.00 P 5,000.00 P 1,500.00 ℗ 1,500,000.00 ℗ 25,000.00 THE COMPANY INCURRED AN INCOME TAX EXPENSE AMOUNTING TO PHP 25,000. REQUIRED: COMPUTE FOR COMPANY'S NET INCOME LOSS USING SINGLE STEP AND MULTI STEP STATEMENT OF COMPREHENSIVE INCOME.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following selected data were taken from the records of J. GEPIGA Merchandising Company for the
year 2022
UNEARNED INCOME/REVENUE
SALES RETURNS AND ALLOWANCES
BEGINNING INVENTORY
PURCHASES
FREIGHT IN
PURCHASES DISCOUNT
PURCHASE RETURNS AND ALLOWANCES
ENDING INVENTORY
SALES SALARIES EXPENSE
SALES SHOWROOM RENT EXPENSE
PREPAID RENT
AUDIT FEES
EXECUTIVE SALARIES EXPENSE
ADVERTISING EXPENSE
ACCRUED EXPENSE
DEPRECIATION EXPENSE - OFFICE BUILDING
OFFICE SUPPLIES EXPENSE
INTEREST INCOME
INTEREST EXPENSE
SALES
SALES DISCOUNT
ADDITIONAL INFORMATION:
P 10,200.00
P 31,250.00
450,000.00
P 275,000.00
P 13,000.00
$ 6,500.00
P 14,000.00
P 163,000.00
P 35,000.00
P 4,500.00
Đ 5,000.00
P 10,000.00
℗ 45,000.00
℗ 12,000.00
$5,000.00
℗ 30,000.00
P 3,500.00
P 5,000.00
1,500.00
P 1,500,000.00
℗ 25,000.00
THE COMPANY INCURRED AN INCOME TAX EXPENSE AMOUNTING TO PHP 25,000.
REQUIRED: COMPUTE FOR COMPANY'S NET INCOME LOSS USING SINGLE STEP AND MULTI STEP
STATEMENT OF COMPREHENSIVE INCOME.
Transcribed Image Text:The following selected data were taken from the records of J. GEPIGA Merchandising Company for the year 2022 UNEARNED INCOME/REVENUE SALES RETURNS AND ALLOWANCES BEGINNING INVENTORY PURCHASES FREIGHT IN PURCHASES DISCOUNT PURCHASE RETURNS AND ALLOWANCES ENDING INVENTORY SALES SALARIES EXPENSE SALES SHOWROOM RENT EXPENSE PREPAID RENT AUDIT FEES EXECUTIVE SALARIES EXPENSE ADVERTISING EXPENSE ACCRUED EXPENSE DEPRECIATION EXPENSE - OFFICE BUILDING OFFICE SUPPLIES EXPENSE INTEREST INCOME INTEREST EXPENSE SALES SALES DISCOUNT ADDITIONAL INFORMATION: P 10,200.00 P 31,250.00 450,000.00 P 275,000.00 P 13,000.00 $ 6,500.00 P 14,000.00 P 163,000.00 P 35,000.00 P 4,500.00 Đ 5,000.00 P 10,000.00 ℗ 45,000.00 ℗ 12,000.00 $5,000.00 ℗ 30,000.00 P 3,500.00 P 5,000.00 1,500.00 P 1,500,000.00 ℗ 25,000.00 THE COMPANY INCURRED AN INCOME TAX EXPENSE AMOUNTING TO PHP 25,000. REQUIRED: COMPUTE FOR COMPANY'S NET INCOME LOSS USING SINGLE STEP AND MULTI STEP STATEMENT OF COMPREHENSIVE INCOME.
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