Senior High School Department

Fundamentals of Accountancy, Business, and Management

Grade 12

Name/Group no.: ____________________________ Date: ______________

Strand & section: ___________________________ Score: _____________

ACTIVITY #4

Solve the following problems based on statement of comprehensive income of an entity. Show your solution in able
to gain the highest points for each item.

1. (1pt.) Learning is Fun Company generated revenues amounting to Php 100,000. Expenses for the year totaled Php
76,000. How much is the company’s net income for the year?

2. (1pt.) Happy Selling Company’s salaries to sales agents amounted to Php 10,000. Salaries of accountants
amounted to Php 20,000. No other expenses were incurred. How much is the company’s general and
administrative expense?

3. (1pt.) And if the Happy Selling’s beginning inventory amounted to 250,000. Net purchases amounted to 70,000.
Freight In totaled 15,000. Compute for the company’s cost of goods available for sale.

4. (3pts.) Powerpop’s Company’s Sales amounted to Php 500,000. Sales returns and sales discounts amounted to
Php 30,000 and Php 10,000 respectively. Purchases of the company totaled Php 100,000 while purchase returns
and purchase discounts amounted to Php 20,000 and Php 10,000 respectively. How much is the company’s Net
Sales? Net Purchases?

5. (3pts.) TGP’s Company’s Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php
85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000. Compute for the
company’s Ending Inventory.

6. (3pts.) Gross profit of Maggi Sweet Sarap amounted to Php 175,000. Beginning Inventory totaled Php 250,000.
Ending Inventory amounted to Php 50,000 while Net Cost of Purchases totaled Php 85,000. Compute for Happy’s
Net Sales.

Prepared by: MARJON R. GARABEL