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- V13Net income for 2020 was P1,825,600. In 2021, it decreased by 53%. Still using the 2020 net income as the base year, by 2022, net income increased by 130%. Determine the net income for 2021 and 2022, respectively. (separate the values by a comma followed by a space ", ")Exercise 5-9 During the next fiscal year ending June 30. 2020, Texas Company will mmake substantial investments in new product lines and in a modernization program. Significant changes to be made during the year are listed below: 1. Equipment with a net b0ok value of P86,000 will be sold during the year. 2. All of the capital stock of Ohio Company will be exchanged with 5,000 shares of Texas Company at a time when the market value is P40 per share. P250,000 cash will also be given as part payment. 3. Bonds having a face value of P1,000,000 will be issued on June 30, 2020 at 98%. 4. Trading securities carried at market value of P200,000 will be sold for P215,000. 5. New equipment will be purchased during the year. 6. A new building will be purchased at a cost of P1,000,000, although there are no building retirements. 7. Cash dividends will be paid to stockholders. The financial statements forccast for the year ended June 30, 2020 are given next page:
- N7.E13.4 (LO 2), AP Operating data for Joshua Corporation are presented as follows. Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 4 2022 $800,000 520,000 120,000 60,000 30,000 70,000 2021 $600,000 408,000 72,000 48,000 24,000 48,000 Instructions Prepare a schedule showing a vertical analysis for 2022 and 2021. Prepare horizontal and vertical analyses.P13.3A (LO 2), AP The income statement of Whitlock Company is presented here. Whitlock Company Income Statement For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income $1,900,000 4,400,000 6,300,000 1,400,000 $7,700,000 4,900,000 2,800,000 1,150,000 $1,650,000 Additional information: 1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. 2. Prepaid expenses increased $150,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $340,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Operating expenses include depreciation expense of $70,000. *P13.4A (LO 4), AP Data for Whitlock Company are presented in P13.3A. Instructions Prepare the operating activities section of the statement of cash flows using the direct method. Prepare the operating…
- Ee 07.Could you please recalculate the gross profit for 2025, 2026, and 2027? 2025 amount of 228,000 is incorrect. 2026 amount of 186,920 is incorrect. 2027 amount of 142,080 is incorrect. Thank you.WhyRU Company usually depreciates its equipment using straight line method for accounting purposes, but for tax purposes its sum-of-the-years method. WhyRU Company acquired the equipment through purchase amounting to P2,400,000 on January 1,2018. Assume a tax rate of 30%. Useful life is 4 years. WhyRU Company made the following income in its income tax return available through reports for 2018 – P800,000; 2019 – P890,0000; 2020 – P1,200,000; 2021 – P1,500,000 There is no other differences between WhyRU's accounting income and taxable income for years 2018, 2019, 2020 and 2021 other than for the difference in depreciation for the equipment described.