Mr. Vavalu, had the following income and expenses for the year Philippines P 2,000,000 Gross Sales Sales return Cost of sales Deductible expenses Other sources of income: Lotto winnings Prize on contest Royalty on books Interest income 50,000 1,450,000 200,000 100,000 15,000 20,000 30,000 USA P 500,000 20,000 300,000 80,000 50,000 10,000 15,000 25,000

Mr. Vavalu, had the following income and expenses for the year Philippines P 2,000,000 Gross Sales Sales return Cost of sales Deductible expenses Other sources of income: Lotto winnings Prize on contest Royalty on books Interest income 50,000 1,450,000 200,000 100,000 15,000 20,000 30,000 USA P 500,000 20,000 300,000 80,000 50,000 10,000 15,000 25,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

from the following tralasaction, prepar in come Statement Sales reven ue tinished Goeds 50006 Net purchases lo o00 rent expenses 250 000 returns sales lo o 00 3000 So00 6 vent revenue administrutive Expensese 2e0 Sales salaries looo Depreriation other expensese tax income tooo t500-6 finished goads 34 7o00 . tooo
Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
Phina A. Asa Trading gives you the following information for the year ended December 31,2019 a. Cost of Sales (60% of sales) Php. 57,600.00 b. Cash sales ? 79,160.00 7,000.00 10,275.00 4,000.00 6,500.00 2,138.00 c. Cash paid to suppliers d. Paid taxes e. Purchased equipment f. Paid dividends g. Proceeds of loan Cash, beginning 01/2019 Note: Sales are recorded under cash basis.
The following information relates to a company for two periods: year 1; profit- GHC131250, sales- GHC1375000; year 2; profit- 225000, sales- GHC1750000. What is the sales level to earn a profit of GHC262500? O A. GHC2000000 OB. GHC1500000 OC. GHC1900000 D. GHC1000000
Gretchen’s sales, current assets and current liabilities (all in thousands of pesos) have been reported as follows over the last four years (Year 4 is the most recent year): Year 4 Year 3 Year 2 Year 1 Sales P5,400 P4,950 P4,725 P4,500 Current assets 1,448 1,332 1,368 1,280 Current liabilities 318 324 330 300 Express all of the assets, liabilities and sales data in trend percentages (show percentages in each item). Use year 1 as the base year and carry computations to one decimal place.
Cameron D., a sole proprietor has the following data in 2021 for the first year of merchandising:Gross sales – P300,000; Cost of Sales – P150,000; Other Income – P50,000; Selling expenses – P20,000; Depreciation expense – P4,000. How much is Cameron’s gross income?
Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%
You have the following information about Al- Farah Company: 2020: Net Sales 11,396.9, Gross profit 6,205.0 Selling expenses 3,920.8, Administrative expenses 69.2, interest expenses 136.0, income tax 727.6 2019: Net Sales 10,584.2, Cost of Goods Sold 4,747.2, Selling expenses? Administrative expenses 90.3, Income from operation 2122.1, interest expenses 119.7, and income tax 675.3 Required: prepare an income statement and conduct a horizontal analysis Sol: A worksheet for the compared income statement For the period ending 12/31/2020 2020 2019 Variances % Net Sales Cost of Goods Sold Gross profit Operating Expenses:- uan Selling expenses Administrative expenses Total Operating Expenses Income from operation Other expenses and losses:- Interest expenses Income before income tax Income tax Net income
Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format incomestatement for a recent month for the two games appears below:Claimjumper Makeover TotalSales ............................................ $30,000 $70,000 $100,000Variable expenses ...................... 20,000 50,000 70,000Contribution margin ..................... $10,000 $20,000 30,000Fixed expenses .......................... 24,000Net operating income .................. $ 6,000Required:1. Compute the overall contribution margin (CM) ratio for the company.2. Compute the overall break-even point for the company in sales dollars.3. Verify the overall break-even point for the company by constructing a contribution format incomestatement showing the appropriate levels of sales for the two products.
Prepare an income statement if your company’s gross sales isP300,000, with operating expenses of P100,000, and administrativecosts of P30,000. What is its gross income?
The accounts for this income year show the following:Income ($)Sales (excluding GST) 240,000Expenses ($)Cost of goods sold 130,000Interest on capital paid to Richard and Tracy 8,000Salary to Alice 25,000Superannuation to Alice 6,000Lease payments on car (excluding GST) 7,000Other deductible operating expenses (excluding GST) 14,000The leased car was used 80% of the time for business and 20% of the time for private purposes.Required:With reference to the facts above:A.Calculate the net income of the partnership.B.Show the allocation of net income to each of the three partners.C.You must refer to relevant legislation and/or case law in your answer.
If the gross profit is P5,000 and the net profit is 25% of the gross profit. What are the expenses?a. P3,750b. P1,250c. P4,150d. P6,250