UNIVERSITY OF NUEVA CACERES

COLLEGE OF BUSINESS AND ACCOUTANCY

Conceptual Framework and Accounting Standards

ACTIVITY JGAMBOA

The following accounts are available for Brass Company:

Accounting and Legal Expense 12,000.00

Advertising Expense 15,000.00

Rent for office space (1/2 used by sales department; 1/2 used by
accounting department) 22,000.00
Sales salaries and commissions 14,000.00
Officers' salaries 15,000.00
Insurance 8,500.00
Purchases 5,300,000.00
Purchase Discount 100,000.00
Beginning Inventories 1,600,000.00
Ending Inventories 2,150,000.00
Freight In 300,000.00
Share dividend income 25,000.00
Sales return and allowances 750,000.00
Depreciation of office equipment 10,000.00
Foreign translation adjustment - credit 40,000.00
Utilities expense 5,000.00
Salaries expense 60,000.00
Finance cost 20,000.00
Loss on sale of equipment 15,000.00
Loss from typhoon 60,000.00
Revaluation surplus 10,000.00
Unrealized loss on derivative contract 2,500.00
Share premium 100,000.00
Sales 6,187,500.00

Required: Prepare Single Statement Comprehensive Income and notes for Brass Company for the current
year.