Halifax Company provided the following information for the current year: Sales P9,500,000 Dividend revenue - P250,000 Gain on sale of land - P100,000 Revaluation surplus during the year - P1,200,000 Share of profit of associate - P350,000 Cost of sales - P6,000,000 Finance cost - P150,000 Distribution cost - P500,000 Administrative expenses - P300,000 Translation loss on foreign corporation - P200,000 Income tax expense - P950,000 What is the net income for the current year? A P2,100,000 B P2,300,000 C) P3,300,000 D P4,200,000

Halifax Company provided the following information for the current year: Sales P9,500,000 Dividend revenue - P250,000 Gain on sale of land - P100,000 Revaluation surplus during the year - P1,200,000 Share of profit of associate - P350,000 Cost of sales - P6,000,000 Finance cost - P150,000 Distribution cost - P500,000 Administrative expenses - P300,000 Translation loss on foreign corporation - P200,000 Income tax expense - P950,000 What is the net income for the current year? A P2,100,000 B P2,300,000 C) P3,300,000 D P4,200,000

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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