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ACTIVITY. On February 1, 20A4, Mira Delamar Opened A Store That Sells

Mira opened a school supplies store and asked for help analyzing the store's accounting records for the year. The records show sales, purchases, expenses for utilities, salaries, rent, and depreciation. Preparing a statement of comprehensive income using single-step and multi-step approaches is required to understand the store's financial results for the year.

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Miguel Lulab
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3K views1 page

ACTIVITY. On February 1, 20A4, Mira Delamar Opened A Store That Sells

Mira opened a school supplies store and asked for help analyzing the store's accounting records for the year. The records show sales, purchases, expenses for utilities, salaries, rent, and depreciation. Preparing a statement of comprehensive income using single-step and multi-step approaches is required to understand the store's financial results for the year.

Uploaded by

Miguel Lulab
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ACTIVITY.

On February 1, 20A4, Mira Delamar opened a store that sells


school supplies. Mira wanted to know the results of opening the store. Mira
knew you were studying accounting so she asked for your help. The
following were taken from the accounting records of Mira’s Store.

Balance Debit Credit


Sales ₱114,567
Sales return 1,544
Sales discount 1,675
Purchases 61,558
Purchase return 504
Purchase discount 1,076
Freight-in 765
Utilities expense 4,000
Salaries Expense 14,000
Rent expense 10,000
Depreciation 500
Additional Information:
a. Physical inventory conducted at the end of the year revealed
an ending inventory of ₱15,345.
b. Depreciation is for shelves and cabinets used as displays racks
and storage in the store.
c. Mira has a small office inside the store. Allocate 15% of rent
and utilities to general administrative expense.
d. 25% of Emily’s Salaries are allocated to General and
Administrative Expense. Aside from tending the store, she was
also tasked to file receipts and maintain some records.

Requirements:

1. All accounts above have normal balances. Indicate whether the above
accounts have debit or credit balances.
2. Prepare the year ended SCI using the single-step approach.

3. Prepare the year ended SCI using the multi-step approach.

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