I NEED SOME HELP :< Performance Task No. 2The following are accounts taken from the books of Wei Long Trading foryear ended December 31, 2017. Complete the income statement based onthe given facts.P 450, 000.00284, 000.0080, 000.0018,000.00SalesPurchasesInventory, Jan. 1Sales Returns and AllowancesSales Discount12, 000.00Purchase Returns and Allowances14, 000.00Purchase Discount12, 000.006, 000.00Freight-InInventory, Dec. 31Advertising Expense88, 000.0018, 000.00Sales Salaries74, 000.00Freight-outUtilities Expense -StoreStore Supplies14, 200.002, 800.006,000.0022,000.00Office SalariesUtilities Expense - OfficeOffice SuppliesDoubtful Accounts Expense4,800.002,400.007,200.00Dividends Income50, 000.00Rent Income40, 000.00Interest Expense16, 000.00Discount Lost1, 600.00Hint:NoteNet SalesCost of Sales1.Gross ProfitOther IncomeTotal Income 1s3.Operating ExpensesDistribution ExpensesAdministrative ExpensesOther Expenses4.9.Finance CostNot IncomeP.

Income statement shows the net income or net loss calculated by deducting the expenses from the…

Answered: Performance Task No. 2 The following…

Performance Task No. 2 The following are accounts taken from the books of Wei Long Trading for year ended December 31, 2017. Complete the income statement based on P 450, 000.00

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 76E: Ratio Analysis The following information was taken from Nash Inc.s trial balances as of December 31,...

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