Prepare the multi-step income for the year ended december

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Reference no: EM133264864

Case: The LocalHub Bookstore sells the books used in classed such as workbooks and coloring books. All the enrolled learners (150 learners) purchased the 3 prescribed books at 500 each. The books costs 200 each. Also, sales of various school supplies amounted to 500,000. Costs of these school supplies amounted to 250,000.

The monthly salary of the bookstore manager is 20,000. The store is manned by one clerk with monthly salary of 6,000. Utilities expense for the year totals 80,000. Of this, 25% is for the small office at the back of the bookstore. Depreciation for store fixtures amounted to P50,000.

Requirement: Prepare the multi-step income for the year ended December 31 for LocalHub Bookstore.

Reference no: EM133264864

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