WEEK 1

SEATWORK #1: Preparation of SCI of the given income and expenses

open balances. Final output will be assessed based on the following

CRITERIA:
Accuracy of Entries - 10 pts.
Format - 5 pts.
Total - 15 pts.

Direction: Prepare the Statement of Comprehensive Income (Single-Step

Approach) of the given trial balance of Carla Auto Repair and Paint Shop
on December 31, 2018.

Carla Auto Repair and Paint Shop

Statement of Comprehensive Income
For the month ended December 31, 2018
Repair Income ₱ 290, 000
Less: Operating Expenses:
Salaries Expense ₱ 55, 000
Utilities Expense 46, 750
Rent Expense 45, 000
Taxes and License Expense 7, 250
Supplies Expense 600
Interest Expense 250 (154, 850)
NET PROFIT ₱ 135, 150