BC Inc., registered with BIR in 2X12, has the following data or the year 2018 Gross receipts P1,150,000 Discounts and 250,000 allowances Salaries of personnel directly 300,000 involved in rendering service Salaries of administrative 100,000 personnel Fees of consultants directly 50,000 involved in rendering service Rental of equipment used in 70,000 rendering service Rental of office space 50,000 for use of administrative personnel Other operating 420,000 expenses • The GROSS INCOME is: 1. The TAXABLE INCOME (LOSS) is: 2 The INCOME TAX DUE AND PAYABLE is: 3.
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- Which formula below correctly calculates the total revenue for Soloist and Xtreme combined? L2345 1 A B Item Soloist Xtreme Average =SUM(C3:C5) C Revenue 2,560 1,250 1,905 =SUMIF(B3:B4,B3,C3:C4)+SUMIF(B3:B4,B4,C3:C4) =SUMIFS(C3:C4,B3:B4,B3, B3:B4,B4) =SUMIF(B3:B5, B5,C3:C5)TB Problem Qu. 13-176 (Algo) Common-size percents - Income statement Compute common-size percents for the following comparative Income statements spanning 2 years. Comparative Incore Statements For Year's Ended December 31 Cost of goods sold Gross profit Operating expenses Net Income Cost of goods sold Gross profit Operating expenses Net income Comparative Income Statements For Years Ended December 11 Current Year S 51 1.230,000 799,500 430,500 307 500 percent M Th Prior Year 1.030.000 848.800 113.300 percentABC Company's accounting records reported the followingaccount balances as of December 31, 2028:Inventory ................... $59,000Trademark ................... $16,000Interest revenue ............ $21,000Accounts receivable ......... $44,000Cost of goods sold .......... $30,000Utilities expense ........... $29,000Salaries payable ............ $14,000Accumulated depreciation .... $37,000Land ........................ ?Dividends ................... $ 9,000Notes payable ............... $48,000Common stock ................ ?Rental revenue .............. $35,000Supplies .................... $23,000Income tax expense .......... $18,000Retained earnings ........... $57,000 (at Jan. 1, 2028)Sales revenue ............... $99,000Equipment ................... $74,000Copyright ................... $38,000Accounts payable ............ $41,000Salaries expense ............ $27,000Cash ........................ $19,000Additional information:The total equity at December 31, 2028 was $196,000.Calculate…
- Determine the consolidated balances of the sales account in the year 20x6.Portia Co. uses the installment method of income recognition. The entity provided the following pertinent data:20x1 20x2 20x3Installment sales P600,000 P750,000 P720,000Cost of goods sold 450,000 570,000 504,000Balance of deferred gross profit at year-end20x1 105,000 30,000 -20x2 108,000 18,00020x3 144,000 REQUIRED:1. Total balance of Installment Receivable on December 31, 20x3 ____________ Reginald Company, which began operations on January 5, 20x1, appropriately uses the install method ofrevenue recognition. The following information pertains to the operations for 20x1 and 20x2:20x1 20x2Sales P600,000 P900,000Collections from:20x1 sales 200,000 100,00020x2 sales 300,000Accounts written off from:20x1 sales 50,000 150,00020x2 sales 300,000Gross profit rates 30% 40% REQUIRED:2. Deferred gross profit on December 31, 20x2 ______________3. Realized gross profit in 20x2 ______________a What amount ahould be reported as net realizable value current year. The entity established an allowance for Germany Company started businens at the beginning of During the year, the entity wrote off P50,000 of uncollectible Problem 4-16 (PHILCPA Adapted) During the year, the entity wrote off P50,000 of uncolleetible accoanta Farther analyeis showed that merchandise purchased amounted to P9,000,000 and ending merchandise inventory was P1,500,000. Goods were sold at 40% above cost. The total sales comprised 80% sales on account and 20% caah sales. Total collections from customers, excluding cash sales, amounted to P6,000,000, 1. What amount should be reported as cost of goods sold? 7,500,000 b. 5,400,000 e 3,600,000 d. 6,900,000 2 What amount ahould be reported as sales on account L 10,500,000 18,750,000 e. 12,000,000 d. 8,400,000 of accounta receivable at year-end? L 1,980,000 b. 2,350,000 e 1,930,000 d. 2,400,000
- Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.The amount of gross profit recognized in 2013 using the percentage of completion method must be: a. P800,000b. P101,470c. P365,000d. P329,412What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? Group of answer choices d. P118,000 b. P230,000 a. P200,000 c. P218,000
- The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…Walang Kayo Company Question: Under accrual basis, what amount should be reported as gross sales for the current year? a. P6,650,000 b. P6,600,000 c. P6,350,000 d. P6,550,000