income Statement represents all the funds that permanentty exit the enterprise as Cost of Goods Sold. op- erating Expenses, Non-Operating Expenses and Taxes and all the funds that permanently enter the enter prise through its customer via Sales. Below is an income statement ol the t-shirt printing business. CalcUdie and supply the missing value in the income statement. CHARCHAR T-SHIRT INCOME STATEMENT JANUARY 1,2001 TO DECEMBER 31, 2003 Year 1 Year 2 Year 3 Revenue P785,760 P950,710 Cost of Goods Sold: Materials 454,080 Other direct expenses 156,000 171,600 188,760 Gross Income Less: Expenses 1,500 T.S00 1,500 Permits 10,560 Utilities 205,860 226,600 249,346 Income before interest/tax 65,875.2 72,512 79,790.72 Tax P154,088 NET INCOME my
income Statement represents all the funds that permanentty exit the enterprise as Cost of Goods Sold. op- erating Expenses, Non-Operating Expenses and Taxes and all the funds that permanently enter the enter prise through its customer via Sales. Below is an income statement ol the t-shirt printing business. CalcUdie and supply the missing value in the income statement. CHARCHAR T-SHIRT INCOME STATEMENT JANUARY 1,2001 TO DECEMBER 31, 2003 Year 1 Year 2 Year 3 Revenue P785,760 P950,710 Cost of Goods Sold: Materials 454,080 Other direct expenses 156,000 171,600 188,760 Gross Income Less: Expenses 1,500 T.S00 1,500 Permits 10,560 Utilities 205,860 226,600 249,346 Income before interest/tax 65,875.2 72,512 79,790.72 Tax P154,088 NET INCOME my
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ncome Statement represents all the funds that permanentty exit the enterprise as Cost of Goods Sold. Op-
erating Expenses, Non-Operating Expenses and Taxes and all the funds that permanently enter the enter
prise through its customer via Sales. Below is an income statement of the t-shirt printing business. Calculate
and supply the missing value in the income statement.
CHARCHAR T-SHIRT
INCOME STATEMENT
JANUARY 1, 2001 TO DECEMBER 31, 2003
Year 1
Year 2
Year 3
Revenue
P785,760
P950,710
Cost of Goods Sold:
Materials
454,080
Other direct expenses
156,000
171,600
188,760
Gross Income
Less: Expenses
1,500
T,S00
Permits
1,500
10,580
Utilities
205,860
226,600
249,346
Income before interest/tax
85,875.2
72,512
79,790.72
Tax
M54,088
NET INCOME
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