1. Merchandise Company Comprehensive Income Statement For the
Year ended December 31, 20XXRevenue from Sales Gross Sales P XXX
Less : Sales Discount P XXX Sales Return and Allowances XXX XXX Net
Sales P XXXCost of Goods sold Merchandise Inventory, Jan 1, 20XX P
XXX Purchases P XXX Add transportation In XXX Delivered Cost of
Merchandise Purchased P XXX Less : Purchase Discount P XXX Purchase
Return and Allowances XXX XXX XXX Goods Available for Sale P XXX
Less : Merchandise Inventory, Dec 31, 20XX XXX Cost of goods sold
XXXGross Profit P XXXOther Income Interest Income XXX P
XXXOperating expenses Selling Expenses Sales Salaries P XXX Rent -
Selling XXX Store Supplies XXX Advertising XXX P XXX Administrative
Expenses Office Salaries P XXX Depreciation - Office Equipment XXX
Utilities Expenses XXX Rent - Admin XXX XXX Other Expense Interest
Expense XXX XXXNet income P XXX
2. Trial Balance Adjustment Income statement Balance sheet Dr
Cr Dr Cr Dr Cr Dr CrCash 53,070.00 53,070.00Accounts Receivable
6,900.00 6,900.00Merchandise Inventory 47,100.00 b 39,600.00 a
47,100.00 39,600.00Office Supplies 6,300.00 c 2,700.00
3,600.00Prepaid Insurance 1,080.00 d 360.00 720.00Equipment
18,000.00 18,000.00Accumulated Depreciation 6,750.00 e 2,250.00
9,000.00Accounts Payable 12,000.00 12,000.00Capital - VLC 33,000.00
33,000.00Drawings - VLC 30,000.00 30,000.00Sales 450,000.00
450,000.00Sales Return and allowance 1,500.00 1,500.00Purchases
291,000.00 291,000.00Purchase Discount 1,200.00 1,200.00Purchase
return and allowances 900.00 900.00Transportation - In 7,800.00
7,800.00Salaries and Wages - Sales 20,880.00 20,880.00Rent Expense
- Selling 2,160.00 2,160.00Store Supplies Expense c 1,620.00
1,620.00Advertising Expense 1,500.00 1,500.00Salaries and Wages -
Office 13,920.00 13,920.00DepreciationExpense e 2,250.00
2,250.00Utilities Expense 2,100.00 2,100.00Rent Expense - General
1,440.00 1,440.00Office Supplies Expense c 1,080.00
1,080.00Insurance Expense d 360.00 360.00Interest Income 1,080.00
1,080.00Interest Expense 180.00 180.00 504,930.00 504,930.00Income
Summary a 47,100.00 b 39,600.00 47,100.00 39,600.00 92,010.00
92,010.00 394,890.00 492,780.00 151,890.00 54,000.00Net Income
97,890.00 97,890.00 492,780.00 492,780.00 151,890.00
151,890.00
