Activity No.

4 - Statement of Comprehensive Income

Direction/s: Prepare a Statement of Comprehensive Income with supporting notes accordingly.
1-2. How much is the net sales for the year? P 3,999,375

3-4. How much is the cost of sales for the year? P 181,250

5-6. How much is the gross profit for the year? P 3,818,125

7-8. How much is the total selling expenses of the year? P 76,800

9-10. How much is the net income for the year? P 3,282,125
Omega Merchandising for December 31, 2016 OMEGA MERCHANIDISING
Sales 4,000,000 Statement of Comprehensive Income
Salaries Expense -80,000 For the year ended December 31, 2016
Supplies Expense -120,000
Depreciation Expense -96,000 Net Sales (Note 1)
Utilities Expense -64,000 Cost of Sales (Note 3)
Insurance Expense -32,000 Gross Profit
Rent Expense -144,000 Selling Expense (Note 4)
Beginning Inventory -6,250 Administrative Expenses (Note 5)
Purchases -187,500 NET INCOME
Ending Inventory 12,500
Sales Discount -625

NOTE 1: NET SALES

Sales
Less: Sales Discount
Net Sales

NOTE 2: NET PURCHASES

Purchases
Net Purchases

NOTE 3: COST OF SALES

Beginning Inventory
Add: Net Purchases (Note 2)
Total Goods Available for Sale
Less: Ending Inventory
Cost of sales

NOTE 4: SELLING EXPENSE

Salaries Expense
Rent Expense
Utilities Expense
Depreciation Expense
Selling Expense

NOTE 5: ADMINISTRATIVE EXPENSE

Salaries Expense
Supplies
Rent Expense
Utilities
Insurance
Depreciation
Administrative Expenses
SING Allocation of Expenses
nsive Income Nature Total Selling 20%
ember 31, 2016 Salaries 80,000 16,000
Rent Expense 144,000 28,800
P 3,999,375 Utilities 64,000 12,800
(181,250) Depreciation 96,000 19,200
3,818,125
(76,800)
(459,200)
P 3,282,125

P 4,000,000
(625)
P 3,999,375

ASES
P 187,500
P 187,500

LES
P 6,250
187,500
193,750
(12,500)
P 181,250

PENSE
P 16,000
28,800
12,800
19,200
P 76,800

TIVE EXPENSE
P 64,000
120,000
115,200
51,200
 32,000
76,800
P 459,200
penses
Administrative 80%
64,000
115,200
51,200
76,800