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 6. 13. 20. 27. Net Income Before Tax P56 000 7. 14. 21. 28. Income Tax Expenses 1. 15. 22. 29. Net Income After Tax 2. 9. 16. 23. 30. 8.

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 6. 13. 20. 27. Net Income Before Tax P56 000 7. 14. 21. 28. Income Tax Expenses 1. 15. 22. 29. Net Income After Tax 2. 9. 16. 23. 30. 8.

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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