Compute budgeted net income for the year 2020. Rombus tires preparing a budgeted income statement and has the following information. Predicted sales for the year are P850,000 and cost of goods sold is 40% of sales. The expected selling expenses are 81,000 and the expected general and administrative expenses are 70,000, which includes P23,000 of depreciation. Tax rate will be at 25%.

Compute budgeted net income for the year 2020. Rombus tires preparing a budgeted income statement and has the following information. Predicted sales for the year are P850,000 and cost of goods sold is 40% of sales. The expected selling expenses are 81,000 and the expected general and administrative expenses are 70,000, which includes P23,000 of depreciation. Tax rate will be at 25%.

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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Subject: accounting
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