CUTTING THE COST! SHOPAHOLIC NO MORE!

Buy the appropriate information needed to draft the Title Heading of the Statement of Comprehensive Income. Choose only what are needed.

• Classification of Financaial Statement Report

• Name of Company

• Name of the Board of Directors

• List of Stockholders

• Date the report is drafted

Answer explanation

Please refer your answers to the sample image presented.

Purchase by choosing below the needed information to prepare the body of Statement of Financial condition for a Merchandising Business.

• Cost of Services

• Cost of sales matched with Revenues

• Revenues and Inventory at fair value

• Total amounts of receivables and cost of machinery acquired

• Expenses incurred for the accounting period

Answer explanation

Please refer your answers to the sample image presented.

Complete your shopping requirement by collecting the needed information from below to prepare the body of Statement of Financial condition for a Service Business.

• Cost of Services matched with Professional fees

• Cost of sales matched with Revenues

• Tax expenses (BIR-regulated)

• Interest expenses for the long-term loans from the bank

• Expenses incurred for the accounting period

Answer explanation

Please refer your answers to the sample image presented.

A Corporation's Net sales is calculated using which amounts?

• Gross sales

• Sales returns and allowances

• Freight-In

• Sales interest

A Corporation's Net sales is calculated using which amounts?

• Gross sales

• Sales returns and allowances

• Freight-In

• Sales interest

How do you consider a revenue earned from the services of a Dentist?

Answer explanation

Service income means income from the services realated to th eoperatgin of the Business. Any income earnd by providing technical consulting or professional services is considered as service income.

ex. Professional fees of Doctors, Dentist

This refers to _________ account that is used for recording the amount of depreciation a fixed asset evolves through.

For instance, a fixed asset such as machinery, a company building, office equipment, vehicles or even office furniture will be reduced by such account. This amount may appear on a company's balance sheet, and it can ultimately result in a reduction in the gross amount of a business's fixed assets.

• sales discount

• sales returns and allowances

• purchase discount

• accumulated depreciation

(a)   is defined as the gross amount of purchases made, less deductions for purchase discounts, returns, and allowances.

A (a)   occurs when a buyer sends a product back to a seller for a partial or full refund.

(a)   is the total amount your business paid as a cost directly related to the sale of products.