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Complete the table below considering the following information: Gross Sales increases by 1.5% in 2021, 3.5% in 2022, 6% in 2023, and 10% in 2024. > The Gross Profit is 42%. > Operating expenses is 7% of Gross Sales. Tax expense is 30% 2020 (ACTUAL) 2024 2021 2022 2023 Gross Sales P160 000 3. 10. 17. 24. Less: Cost of Sales P92 800 4. 11. 18. 25. Gross Profit P67 200 5. 12. 19. 26. Less: Operating Expenses P11 200 6. 13. 20. 27. Net Income Before Tax P56 000 7. 14. 21. 28. Income Tax Expenses 1. 8. 15. 22. 29. Net Income After Tax 2. 9. 16. 23. 30.

Complete the table below considering the following information: Gross Sales increases by 1.5% in 2021, 3.5% in 2022, 6% in 2023, and 10% in 2024. > The Gross Profit is 42%. > Operating expenses is 7% of Gross Sales. Tax expense is 30% 2020 (ACTUAL) 2024 2021 2022 2023 Gross Sales P160 000 3. 10. 17. 24. Less: Cost of Sales P92 800 4. 11. 18. 25. Gross Profit P67 200 5. 12. 19. 26. Less: Operating Expenses P11 200 6. 13. 20. 27. Net Income Before Tax P56 000 7. 14. 21. 28. Income Tax Expenses 1. 8. 15. 22. 29. Net Income After Tax 2. 9. 16. 23. 30.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete the table below considering the following information: Gross Sales increases by 1.5% in 2021, 3.5% in 2022, 6% in 2023, and 10% in 2024. > The Gross Profit is 42%. > Operating expenses is 7% of Gross Sales. Tax expense is 30% 2020 (ACTUAL) 2021 2022 2023 2024 Gross Sales P160 000 3. 10. 17. 24. Less: Cost of Sales P92 800 4. 11. 18. 25. Gross Profit P67 200 5. 12. 19. 26. Less: Operating Expenses P11 200 13. 20. 27. Net Income Before Tax P56 000 7. 14. 21. 28. Income Tax Expenses 1. 8. 15. 22. 29. Net Income After Tax 2. 9. 16. 23. 30. 6.
Transcribed Image Text:Complete the table below considering the following information: Gross Sales increases by 1.5% in 2021, 3.5% in 2022, 6% in 2023, and 10% in 2024. > The Gross Profit is 42%. > Operating expenses is 7% of Gross Sales. Tax expense is 30% 2020 (ACTUAL) 2021 2022 2023 2024 Gross Sales P160 000 3. 10. 17. 24. Less: Cost of Sales P92 800 4. 11. 18. 25. Gross Profit P67 200 5. 12. 19. 26. Less: Operating Expenses P11 200 13. 20. 27. Net Income Before Tax P56 000 7. 14. 21. 28. Income Tax Expenses 1. 8. 15. 22. 29. Net Income After Tax 2. 9. 16. 23. 30. 6.
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