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Gross Sales increases by 2% in year 2, 4% in year 3, 6% in year 4, and 8% in year 5. The Gross Profitis 40%. > Operating expenses is 10%. Тах expense is 30%6 YEAR 1 (ACTUAL) YEAR 2 YEAR 3 YEAR 4 YEAR 5 Gross Sales P170 000 3. 10. 17. 24. Less: Cost of Sales P102 000 4. 11. 18. 25. Gross Profit P68 000 5. 12. 19. 26. Less: Operating P17 000 6. 13. 20. 27. Expenses Net Income Before Tax P51 000 7. 14. 21. 28.

Gross Sales increases by 2% in year 2, 4% in year 3, 6% in year 4, and 8% in year 5. The Gross Profitis 40%. > Operating expenses is 10%. Тах expense is 30%6 YEAR 1 (ACTUAL) YEAR 2 YEAR 3 YEAR 4 YEAR 5 Gross Sales P170 000 3. 10. 17. 24. Less: Cost of Sales P102 000 4. 11. 18. 25. Gross Profit P68 000 5. 12. 19. 26. Less: Operating P17 000 6. 13. 20. 27. Expenses Net Income Before Tax P51 000 7. 14. 21. 28.

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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Gross Sales increases by 2% in year 2, 4% in year 3, 6% in year 4, and 8% in year 5. The Gross Profitis 40%. > Operating expenses is 10%. Тах еxpense is 30%6 YEAR 1 (ACTUAL) YEAR 2 YEAR 3 YEAR 4 YEAR 5 Gross Sales P170 000 3. 10. 17. 24. Less: Cost of Sales P102 000 4. 11. 18. 25. Gross Profit P68 000 5. 12. 19. 26. Less: Operating P17 000 6. 13. 20. 27. Expenses Net Income Before Tax P51 000 7. 14. 21. 28. Income Tax Expenses 8. 15. 22. 29. Net Income After Tax 2. 9. 16. 23. 30.
Transcribed Image Text:Gross Sales increases by 2% in year 2, 4% in year 3, 6% in year 4, and 8% in year 5. The Gross Profitis 40%. > Operating expenses is 10%. Тах еxpense is 30%6 YEAR 1 (ACTUAL) YEAR 2 YEAR 3 YEAR 4 YEAR 5 Gross Sales P170 000 3. 10. 17. 24. Less: Cost of Sales P102 000 4. 11. 18. 25. Gross Profit P68 000 5. 12. 19. 26. Less: Operating P17 000 6. 13. 20. 27. Expenses Net Income Before Tax P51 000 7. 14. 21. 28. Income Tax Expenses 8. 15. 22. 29. Net Income After Tax 2. 9. 16. 23. 30.
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