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DITO Company provided the following information for 2019. Purchases 5,250,000.00 Purchases returns and allowances 150,000.00 Rental...

DITO Company provided the following information for 2019.

Purchases
5,250,000.00

Purchases returns and allowances
150,000.00

Rental income
250,000.00

Selling expenses:

Freight out
175,000.00

Salesmen’s commission
650,000.00

Depreciation – store equipment
125,000.00

Merchandise inventory, January 1
1,000,000.00

Merchandise inventory, December 31
1,500,000.00

Sales
7,850,000.00

Sales returns and allowances
140,000.00

Sales discounts
10,000.00

Administrative expenses

Officers’ salaries
500,000.00

Depreciation – office equipment
300,000.00

Freight in
500,000.00

Income tax
250,000.00

Loss on sale of equipment
50,000.00

Purchase discounts
100,000.00

Dividend revenue
150,000.00

Loss on sale of investment
50,000.00

Required: A detail "NOTES" and income statement using “functional method” for the year.

Expert Solution

NOTE 2-: COST OF SALES

Thankyou..........

ekkarill92 answered 1 year ago

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