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  • Function of Expense Method

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    G - HAMUYAN, ANNE CLARISSE R.
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    Malabanan Co. had sales of 1,045,000 pesos for the period ended December 31, 2013 but incurred costs and expenses that exceeded revenues, resulting in a net loss of 190,000 pesos for the year. Cost of sales was 268,000 pesos while distribution costs were 487,000 pesos, administrative expenses were 539,000 pesos, and interest expenses were 5,000 pesos, contributing to an overall gross profit of 777,000 pesos being exceeded by total expenses of 1,046,000 pesos.

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    Malabanan Co. had sales of 1,045,000 pesos for the period ended December 31, 2013 but incurred costs and expenses that exceeded revenues, resulting in a net loss of 190,000 pesos for the year. Cost of sales was 268,000 pesos while distribution costs were 487,000 pesos, administrative expenses were 539,000 pesos, and interest expenses were 5,000 pesos, contributing to an overall gross profit of 777,000 pesos being exceeded by total expenses of 1,046,000 pesos.

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    15 views1 page

    Function of Expense Method

    Uploaded by

    G - HAMUYAN, ANNE CLARISSE R.
    Malabanan Co. had sales of 1,045,000 pesos for the period ended December 31, 2013 but incurred costs and expenses that exceeded revenues, resulting in a net loss of 190,000 pesos for the year. Cost of sales was 268,000 pesos while distribution costs were 487,000 pesos, administrative expenses were 539,000 pesos, and interest expenses were 5,000 pesos, contributing to an overall gross profit of 777,000 pesos being exceeded by total expenses of 1,046,000 pesos.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Multi-step Approach

    Malabanan Co.
    Statement of Comprehensive Income
    For the period ended December 31, 2013

    Sales ₱1,045,000
    Cost of Sales (₱268,000)
    GROSS PROFIT ₱777,000
    Other Income ₱80,000
    Distribution Costs (₱487,000)
    Administrative Expenses (₱539,000)
    Other Expenses (₱15,000)
    Interest Expenses (₱5,000)
    PROFIT OF THE YEAR -190,000
    Other Comprehensive Income —
    COMPREHENSIVE INCOME OF THE YEAR -190,000

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