The following information is provided.Sales revenue HK$112,000 Gain on sale of plant assets 33,600 Selling and administrative expenses 11,200 Cost of goods sold 61,600 Interest expense 5,600 Income tax rate 20%Determine(a) Income from operations HK$enter a hong kong dollar amount (b) Income before income tax HK$enter a hong kong dollar amount (c) Net income HK$enter a hong kong dollar amount

Multi Step Income Statement breaks down amount to more detailed so that the user of the income…

Answered: Income from operations HK$enter a…

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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(a)	Income from operations	HK$enter a hong kong dollar amount
(b)	Income before income tax	HK$enter a hong kong dollar amount
(c)	Net income	HK$enter a hong kong dollar amount

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Case 2: The following data were taken from the financial statement of Rodavia Corporation for 2022: Philippines (P) Abroad (P) Gross Sales 10,000,000 5,000,000 Sales Returns 200,000 Cost of Goods Sold 3,500,000 2,250,000 Operating expenses 2,800,000 1,100,000 Interest income from trade receivable 100,000 50,000 Interest income from BPI deposits- Philippines 100,000 Interest income from BPI deposits- USA 80,000 Interest income- FCDU 150,000 Income from money market placement 200,000 100,000 Dividend income from domestic corporation 75,000 Dividend income from resident corporation 45,000 Dividend income from nonresident corporation 30,000 Royalty income - in general 30,000 25,000 Royalty income - books 20,000 Gain on sale of shares of stock of domestic corporation held as capital asset thru local stock exchange; Selling price is P500,000 120,000 Gain on sale of shares of stock of domestic corporation held as capital asset directly to buyer; Selling price is P650,000 150,000 Gain on Sale…

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Sales revenue	HK$112,000
Gain on sale of plant assets	33,600
Selling and administrative expenses	11,200
Cost of goods sold	61,600
Interest expense	5,600
Income tax rate	20	%