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  • Stark Enterprises (Sci)

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    Jarren James Parungao
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    Stark Enterprises reported net sales of PHP 690,000 for the year ended March 13, 2020, with a gross profit of PHP 270,000. Total expenses amounted to PHP 170,000, including PHP 100,000 for general and administrative expenses and PHP 70,000 for selling expenses. This resulted in a net income of PHP 100,000 for the fiscal year.

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    STARK ENTERPRISES (SCI)

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    Stark Enterprises reported net sales of PHP 690,000 for the year ended March 13, 2020, with a gross profit of PHP 270,000. Total expenses amounted to PHP 170,000, including PHP 100,000 for general and administrative expenses and PHP 70,000 for selling expenses. This resulted in a net income of PHP 100,000 for the fiscal year.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    29 views1 page

    Stark Enterprises (Sci)

    Uploaded by

    Jarren James Parungao
    Stark Enterprises reported net sales of PHP 690,000 for the year ended March 13, 2020, with a gross profit of PHP 270,000. Total expenses amounted to PHP 170,000, including PHP 100,000 for general and administrative expenses and PHP 70,000 for selling expenses. This resulted in a net income of PHP 100,000 for the fiscal year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    STARK ENTERPRISES

    STATEMENT OF COMPREHENSIVE INCOME

    FOR THE YEAR ENDED MARCH 13, 2020

    Sales Php 750,000.00

    Sales Returns (Php 45,000.00)

    Sales discounts (15,000.00) (60,000.00)

    NET SALES Php 690,000.00

    Cost of Goods Sold

    Beginning Inventory

    Net Cost of Purchases Php 350,000.00

    Purchases Php 150,000.00

    Purchase Returns (30,000.00)

    Purchase Discounts (15,000.00)

    Net Purchases 105,000.00

    Freight In 20,000.00 125,000.00

    Cost of Goods Available 475,000.00


    for Sale
    Ending Inventory (50,000.00) (425,000.00)
    Gross Profit Php 270,000.00

    General & Administrative Expenses


    Salaries Expense (Php 50,000.00)
    Rent Expense (20,000.00)
    Depreciation Expense (15,000.00)
    Utilities Expense (10,000.00)
    Miscellaneous Expense (5,000.00) (100,000.00)

    Selling Expenses
    Salaries Expense (Php 50,000.00)
    Rent Expense (10,000.00)
    Depreciation Expense (5,000.00)
    Utilities Expense (5,000.00) (70,000.00)

    Net Income Php 100,000.00

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