Income statement

10. XYZ Company's Cost of Goods Sold amounted to P285,000. Net cost of purchases totaled P85,000. Beginning inventory amounted to P250,000. Sales amounted to P500,000. Compute for the company's Ending Inventory. II. Monarch Company had the following expense accounts for the year ended December 31, 20xx: A. Salaries of admin personnel B. Salaries of janitors C. Salaries of sales agents D. Utilities of home office E. Rent of office building F. Depreciation of office equipment G. Depreciation of delivery van H. Advertising I. Cost of merchandise sold during the year Identify if the account is part of the general and administrative expenses or selling expenses. III. Preparation of Income Statement (in good form) Prepare a single step Income Statement using the following: Revenue P1,200,000 Salaries & wages expense 100,000 Depreciation expense 200,000 Utilities expense 80,000 Advertising expense 130,000 Prepare a multi-step Income Statement using the following: Sales P9,300,000 Sales Returns and Allowances 300,000 Gross Income 3,600,000 Beginning Inventory 1,500,000 Freight In 300,000 Purchase Discount 400,000 Ending Inventory 2,000,000 Selling Expenses 1,350,000 Administrative Expense 1,000,000 Prepared by: Checked by: Approved by: JEAN GLORYDELLE O. PAGAY JOSEPHINE D. ORZALES, LPT GERMANA A. ORZALES, Ph.D. Subject Teacher Academic Coordinator SHS Principal