LEE ARNE BARAYUGA MA’AM NAILYN GARAYAN

12-ABM ECOLOGICAL FABM2

QUARTER 1 MODULE 2: STATEMENT OF COMPREHENSIVE INCOME

WHAT’S MORE

National Services

Statement of Comprehensive Income

For the year ended December 31, 2019

Sales P 145,000
Less: Sales return and allowance P 4,000
Sales discount 2,000 6,000
Net Sales P 139,000

Cost of goods sold

Beginning Inventory P 12,000
Purchases 87,000
Freight in 3,000
Cost of goods available 102,000
Less: Purchase return and allowance 2,000
Purchase discount 1,000
Freight out 5,000
Ending inventory 14,000
Total of cost of goods sold 80,000

Gross Profit P 59,000

Operating Expenses
Salaries Expense P 6,000
Advertising Expense 4,000
Misc. Expense 3,000 13,000

Net Income P 46,000

Answers to questions:

1. P139,000
2. P80,000
3. P59,000
4. P13,000
5. P46,000
WHAT I HAVE LEARNED

1. A
2. D
3. B
4. B
5. E
6. B
7. B
8. C
9. B
10. B
11. B
12. B
13. C
14. A
15. B

WHAT I CAN DO

1. Net Sales
2. Net Purchases
3. Gross Profit
4. Cost of Sales / Cost of Goods Sold
5. Net Income
6. Total Goods Available For Sales
7. Gross Profit
8. Net Loss
9. Total Operating Expenses
10. Yes
ASSESSMENT

1. C
2. B
3. D
4. D
5. A

Classification of accounts:

1. SCI
2. SFP
3. SCI
4. SFP
5. SCI
6. SFP
7. SFP
8. SCI
9. SCI
10. SCI
11. SCI
12. SFP
Case – 1

Solve the case and compute. Then, answer the question below.

Gab Medical Clinic

Statement of Comprehensive Income

For the year ended December 31, 2019

Sales P 1,500,000
Less: Sales return and allowance P 12,000
Sales discount 11,000 23,000
Net Sales P 1,477,000

Cost of goods sold

Inventory Beginning P 121,000
Net Purchases 720,000
Cost of goods available 841,000
Less: Inventory Ending 109,000
Total cost of goods sold P 732,000

Gross Profit P 745,000

Operating Expenses
Salaries Expense P 125,000
Supplies Expense 112,000
Depreciation Expense 38,000
Utilities Expense 42,000
Insurance Expense 54,000
Rent Expense 55,000
Bad Debts Expense 22,000 P 448,000

Net Income P 297,000

1. Net Sales = P 1,477,000

2. Cost of sales = P 732,000
3. Gross Profit = P 745,000
ADDITIONAL ACTIVITIES

Case – 1

Sales P 125,000
Sales return and allowance P 3,000
Sales discount P 2,000
Net Sales P 120,000

Case – 2

Purchases P 110,000
Purchase Return & allowance P 5,000
Purchase Discount P 3,000
Net Purchases P 102,000