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prob 2 and 3.pdf - Phia Vhianna Reign S. Ramirez ABM 12-A...

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Phia Vhianna Reign S. RamirezABM 12-AProblem 2MM CompanyStatement of Comprehensive IncomeFor the year ended December 31, 2022Sales390,000Less:Sales Returns12,400Sales Discounts7,800(20,200)Net Sales369,800Cost of goods sold:Beginning Inventory45,300Purchases190,000Purchase discounts(2,500)Purchase returns and allowances(10,500)Freight - in10,100Ending Inventory(48,000)(184,400)Gross profit185,400Other income:Rental income6,500Dividend income71,00077,500Total income262,900Expenses:Administrative expenses82,500Selling expenses99,400Interest expense12,700(194,600)Income before tax
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Term
Fall
Professor
Maxine
Tags
Income Statement, Revenue, Expense, Generally Accepted Accounting Principles, Cost of Goods

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