The Records of Finance Sales Corporation showed the following data for the year 2021 as follows; Interest Income 150,000 Income tax expense Salesperson's commission Sales returns and allowances...


The Records of Finance Sales Corporation showed the following data for the year 2021 as<br>follows;<br>Interest Income<br>150,000<br>Income tax expense<br>Salesperson's commission<br>Sales returns and allowances<br>828,000<br>300,000<br>195,000<br>Freight In<br>Purchase Returns and Allowances<br>Sales Salaries<br>Depreciation-Delivery Truck<br>187,500<br>135,000<br>525,000<br>112,500<br>9,375,000<br>Sales<br>Purchase discounts<br>90,000<br>Merchandise Inventory, December 31<br>4,350,000<br>Rent Income<br>225,000<br>Depreciation- Office Equipment<br>112,500<br>Dividend Income<br>150,000<br>Doubtful Accounts<br>112,500<br>90,000<br>Freight out<br>Sales discounts<br>105,000<br>Purchases<br>5,475,000<br>Office Salaries<br>675,000<br>75,000<br>Loss on sale of Equipment<br>Depreciation -Building<br>Merchandise Inventory, January 1<br>Depreciation-store furniture<br>300,000<br>3,375,000<br>75,000<br>REQUIRED: PREPARE A STATEMENT OF COMPREHENSIVE INCOME IN A PRESCRIBED FORMAT<br>FOR THE YEAR USING THE FOLLOWING METHODS:<br>A) Nature of expense method with supporting notes with separate computation.<br>B) Function of expense method with supporting notes with separate computation.<br>

Extracted text: The Records of Finance Sales Corporation showed the following data for the year 2021 as follows; Interest Income 150,000 Income tax expense Salesperson's commission Sales returns and allowances 828,000 300,000 195,000 Freight In Purchase Returns and Allowances Sales Salaries Depreciation-Delivery Truck 187,500 135,000 525,000 112,500 9,375,000 Sales Purchase discounts 90,000 Merchandise Inventory, December 31 4,350,000 Rent Income 225,000 Depreciation- Office Equipment 112,500 Dividend Income 150,000 Doubtful Accounts 112,500 90,000 Freight out Sales discounts 105,000 Purchases 5,475,000 Office Salaries 675,000 75,000 Loss on sale of Equipment Depreciation -Building Merchandise Inventory, January 1 Depreciation-store furniture 300,000 3,375,000 75,000 REQUIRED: PREPARE A STATEMENT OF COMPREHENSIVE INCOME IN A PRESCRIBED FORMAT FOR THE YEAR USING THE FOLLOWING METHODS: A) Nature of expense method with supporting notes with separate computation. B) Function of expense method with supporting notes with separate computation.

Jun 02, 2022
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