Company is subject to an income tax rate of 30%. It has the provided the following data on December 31, 2021: Income Statement Items for 2021: Net sales P3,600,000 Cost of goods sold 1,100,000 Operating expenses including depreciation 840,000 Depreciation expense 60,000 Interest expense 100,000 Income tax expense ? Other information for 2021: Payment of bank loan 300,000 Dividends paid to stockholders P250,000 Balance Sheet Items December 31, 2021 December 31, 2020 Cash and cash equivalents 2,000,000 P1,750,000 Accounts receivable 670,000 410,000 Inventory 430,000 220,000 Supplies 18,000 12,000 Accounts payable 520,000 380,000 Accrued liabilities 72,000 53,000 Property and equipment, net 1,700,000 2,100,000 Loans payable 1,000,000 1,500,000 Share capital 1,000,000 1,000,000 Retained earnings ? ? Based on the above, answer the following questions for 2021: (Round answers to whole numbers for monetary amounts while for percentages, absolute amounts or decimals round to 2 decimal places. For instance, P85,750, 24.62%, 3.15) 1. What is the amount net income (loss) for 2021? . What is the current ratio and quick ratio in absolute amount or decimals? . What is the average age of inventory in days? . What is the total asset turnover in absolute amount or decimals?
tudent question
Company is subject to an income tax rate of 30%. It has the provided the following data on December 31, 2021:
Income Statement Items for 2021:
Net sales P3,600,000
Cost of goods sold 1,100,000
Operating expenses including
Depreciation expense 60,000
Interest expense 100,000
Income tax expense ?
Other information for 2021:
Payment of bank loan 300,000
Dividends paid to stockholders P250,000
December 31, 2021 December 31, 2020
Cash and cash equivalents 2,000,000 P1,750,000
Accounts receivable 670,000 410,000
Inventory 430,000 220,000
Supplies 18,000 12,000
Accounts payable 520,000 380,000
Accrued liabilities 72,000 53,000
Property and equipment, net 1,700,000 2,100,000
Loans payable 1,000,000 1,500,000
Share capital 1,000,000 1,000,000
Retained earnings ? ?
Based on the above, answer the following questions for 2021: (Round answers to whole numbers for monetary amounts while for percentages, absolute amounts or decimals round to 2 decimal places. For instance, P85,750, 24.62%, 3.15)
1. What is the amount net income (loss) for 2021?
.
What is the
. What is the average age of inventory in days?
. What is the total asset turnover in absolute amount or decimals?
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