Tulip Company provided the following information for the current year: Sales 9,500,000 250,000 100,000 1,200,000 Interest revenue Gain sale of equipment Revaluation surplus during the year Share of profit of associate Cost of goods sold 350,000 6,000,000 Finance cost 150,000 Distribution costs 500,000 Administrative expenses 300,000 200,000 Translation loss on foreign operation Income tax expense 950,000 11. What is the net income for the current year?
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- A company recorded the following expenses at the end of the current year: Decrease in inventory P300,000Transportation out 40,000Depreciation 170,000Purchases 800,000Finance cost 20,000Salaries 130,000Freight in 30,000Purchase discount 140,000Sales 2,500,000Loss on sale of equipment 10,000Gain on sale of investment 30,000 14. What amount should be reported as cost of goods sold of the company?a. P690,000b. P990,000c. P390,000d. P970,000 15. What amount should be reported as income by the company?a. P1,170,000b. P1,190,000c. P1,770,000d. P1,470,000Q Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of Goods Sold = $1,500,000; Depreciation Expense = $170,000; Administrative Expenses = $150,000; Interest Expense = $30,000; Marketing Expenses $80,000; and Taxes = $300,000. Rogue's operating income is equal to (use an integer number without $ sign, such as $1,234,567⇒ 1234567) Question 25 TiadaK George Company had the following data for the current year. What is the income from continuing operations for the year? Net Sales $169,000 16,000 Discontinued Operations Gain (after tax) Cost of Goods Sold Income Tax rate 82,000 40% 14,000 Operating Expenses Other Income and (Expenses): Gain on Sale of Equipment Loss on Disposal of Equipment A. $73,000 OB. $45,000 OC. $60,000 OD. $75,000 8,000 (6,000) 27.
- Sunland Limited reported the following selected information for the year ended March 31, 2024: Advertising expense $5,000 Income tax payable $5,200 Cash dividends-common 4,000 Interest expense 5, 100 Depreciation expense 3, 000 Loss on discontinued operations 18,000 Fees earned 66,000 Rent revenue 30, 000 Gain on disposal of equipment 1, 100 Retained earnings, April 1, 2023 15,000 Holding loss on equity investments 3,000 Telephone expense 8,000 The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income. Prepare a multi-step income statement and a separate statement of comprehensive income for Sunland Limited.$ Profit/ (Loss) for the Year $#18The adjusted trial balance of Delia company included the following accounts for the current year:Sales 11,400,000Interest revenue 300,000Gain on sale of equipment 120,000Revaluation surplus during the year 1,440,000Share of profit of associate 420,000Cost of goods sold 7,200,000 Finance cost 180,000Distribution cost 600,000Administrative expenses 360,000Translation loss on foreign operation 240,000Income tax expense 1,140,000How much is the comprehensive income for the current year? PLS provide solution and explanation for above Philippines Accounting standardCase I. Statement of Comprehensive Income Dela Pax Company's trial balance reflected the following account balances on December 31, 2X21: Net sales P8,000,000 250,000 5,000,000 60,000 100,000 Share of profit of associates Cost of goods sold Interest income Gain on sale of machinery Revaluation surplus during the year 600,000 Finance cost 70,000 120,000 Distribution costs Administrative expenses Translation loss on foreign operation 240,000 100,000 894,000 400,000 Income tax expense Income from discountinued operations Required: Compute for the following a. Gross income b. Income from continuing operations c. Comprehensive income
- Crane Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.24 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Variable Fixed $416,000 $234.000 34,320 46,800 72,800 Administrative expenses 36,320 Prepare a detailed CVP income statement for the year ended December 31, 2022. Crane Manufacturing Ltd. CVP Income StatementThe following information is for Jason Company for the current year. What is the operating income for the year? Net Sales Cost of Goods Sold Operating Expenses Other Income and (Expenses): Gain on Sale of Equipment Loss on Disposal of Equipment Income Tax rate OA. $86,000 OB. $79,000 OC. $98,000 OD. $76,000 $245,000 147,000 22,000 10,000 (7,000) 40%Dundee Company reported the following for the current year: Net sales Cost of goods sold Beginning balance of total assets Ending balance of total assets $ 87,200 69,000 124,000 94,000 Compute total asset turnover. Numerator: Average total assets Cost of goods sold Net sales Total Asset Turnover Denominator: = Total Asset Turnover = Total asset turnover = times
- Given the following information: $8 million $10 million $7 million $3 million Average Inventory: $6 million Average A/R: Average Fixed Assets: Accounts Payables:$4 million Revenues: $2 million Liabilities: Total Expenses: Cost of Goods Sold: $10 million Assume no other assets or liabilities exist beyond what is articulated above. a. Compute Net Profit Margin b. Compute Total Asset Turnover c. Compute Return on Equity (ROE) d. Compute Inventory Turnover e. How much equity would have to be swapped out for debt to increase ROE by 1% assuming that nothing else changes? f. What is the firm's sustainable growth rate if dividends are equal to $0.5 million?AS ABC 20x1. The profit and loss account for the year (in euros) is: Sales revenue 240,000 Cost of goods sold 150,000 Gross profit 90,000 Operating expenses 65,000 Operating profit 25,000 Net profit 25,000 "includes depreciation expense EUR 19,600 In addition, it is known that 20x1. During the year, trade receivables decreased by 9,400 euros, inventories increased by 7,500 euros and trade payables decreased by 10,000 euros.task: To compile the part of the cash flow statement of AS ABC from the main activity of cash flow using the indirect method 20x1. per year.Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of Goods Sold = $1,500,000; Depreciation Expense = $170,000; Administrative Expenses = $150,000; Interest Expense = $30,000; Marketing Expenses = $80,000; and Taxes = $300,000. Rogue's gross profit is equal to Select one: a. 1,070,000 b. $1,100,000 c. $1,500,000 d. $770,000