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Republic of the Philippines

Department of Education
Region 02
Division of Cagayan
CAGAYAN NATIONAL HIGH SCHOOL

COMPREHENSIVE PROBLEM 2
PREPARATION OF STATEMENT OF COMPREHENSIVE INCOME

The following are the data of RRJ Corporation:


Sales Returns and Allowances P45, 000
Sales Discounts 15, 000
Inventory, Jan. 1, 2018 220, 000
Purchases 985, 000
Purchases Returns and Allowances 31, 000
Purchases Discounts 20, 000
Transportation- in 36, 000
Inventory, Dec. 31, 2018 ??????
Gross Profit 620, 000

Note: Gross Profit is 40% of Net Sales while Profit is 10% of Net Sales. Administrative
cost equals Selling Cost. There is no finance cost, other expenses and other income.

Required: Goods Available for Sale


Net Sales
Inventory, Dec 31, 2018
Net Profit
Selling Cost
Administrative Cost

Prepared by:
AR-JAY C. ROMERO