Determine the COGS based on the given info: Sales - P424,000 Beginning inventory - P45,000 Purchases - P245,000 Ending inventory - P38,000 Operating expenses - P124,000 • Determine the COGS and net income based on the given info: Sales - P600,000 Gross profit - P220,000 Operating expenses - P120,000 Income tax rate - 30%

Determine the COGS based on the given info: Sales - P424,000 Beginning inventory - P45,000 Purchases - P245,000 Ending inventory - P38,000 Operating expenses - P124,000 • Determine the COGS and net income based on the given info: Sales - P600,000 Gross profit - P220,000 Operating expenses - P120,000 Income tax rate - 30%

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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Based on the following amounts, how much is the income tax due based on the 25% regular corporate income tax rate? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P975,000.00 P400,000.00 P600,000.00 P425,000.00
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Provide Answer with calculation and explanation
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Given the following information :sales R10 000 000,calculated gross profit R7 000 000 ,operating expenses R3 200 000,Interest income R60 000,Interest expense R250 000 and income tax 28% of profit before tax . Net profit after tax is ?