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Make an income statement or financial statement

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Reference no: EM132632247

Question - DITO Company provided the following information for 2019.

Purchases 5,250,000.00

Purchases returns and allowances 150,000.00

Rental income 250,000.00

Selling expenses:

Freight out 175,000.00

Salesmen's commission 650,000.00

Depreciation - store equipment 125,000.00

Merchandise inventory, January 1 1,000,000.00

Merchandise inventory, December 31 1,500,000.00

Sales 7,850,000.00

Sales returns and allowances 140,000.00

Sales discounts 10,000.00

Administrative expenses

Officers' salaries 500,000.00

Depreciation - office equipment 300,000.00

Freight in 500,000.00

Income tax 250,000.00

Loss on sale of equipment 50,000.00

Purchase discounts 100,000.00

Dividend revenue 150,000.00

Loss on sale of investment 50,000.00

Required - Make an income statement or financial statement using "functional method" for the year with supporting notes.

Reference no: EM132632247

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