For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2,463,500 Sales returns & allowances 27,500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 operating expenses 586.040 Answer the following: 1. Net sales is 2. Net income is 3. Minimum corporate income tax is

For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2,463,500 Sales returns & allowances 27,500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 operating expenses 586.040 Answer the following: 1. Net sales is 2. Net income is 3. Minimum corporate income tax is

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