Lala Company reported the following information in 2021: · Sales revenue- P500,000 · Cost of Goods Sold- P350,000 · Operating Expenses- P55,000 · Unrealized translation gain- P20,000 · Cash dividends received on investment in equity securities- P2,000 Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? A. P97,000 B. P117,000 C. P115,000 D. P20,000

Lala Company reported the following information in 2021: · Sales revenue- P500,000 · Cost of Goods Sold- P350,000 · Operating Expenses- P55,000 · Unrealized translation gain- P20,000 · Cash dividends received on investment in equity securities- P2,000 Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? A. P97,000 B. P117,000 C. P115,000 D. P20,000

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 12P

See similar textbooks

Similar questions

Yellow Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Yellow Company would report total comprehensive income before tax of?
The summarized revenues and expenses information for Canadian Travel Inc. for the year 2018 states:1cost of goods sold CAD180,000, sales revenue CAD400,000, other (non-operating) revenues and gainsCAD30,000, sales general and administration expenses of CAD100,000. Net interest income is (+)CAD10,000 and the corporate income tax rate is 26,50%: Prepare the Income (i.e. Prot & Loss) Statement of Holiday Inc., showing Gross Prot, OperatingProt, Other gains/(losses), Earnings before Interest and Tax (EBIT), Prot before Tax and NetIncome i.e. Net Prot. Point out and explain which of all these revenue and expense items may imply/include non-cashtransactions or accounting records. If the ending balance in Retained Earnings on Canadian Travel Inc.s 31. Dec 2017 balance sheetwas $1,000,000 and a cash dividend of $10,000 was paid in 2018, using the above information showthe balance sheet entries of Retained Earnings as of 31. Dec 2018.In addition to the above, assume that Canadian…
Ecare Berhad has the following income statement items for 2021: Revenue/Sales RM4,801,139 Finance costs/Interest expense RM293,938 Other items of income RM38,552 Cost of sales (COGS) RM3,917,144 Income tax expenses 35% of taxable income Dividend payment 40% of net profit What is the amount of the firm's earning before tax? Select one: a. RM628,609 b. RM590,057 c. RM408,596 d. RM883,995
Company is subject to an income tax rate of 30%. It has the provided the following data on December 31, 2021: Income Statement Items for 2021: Net sales P3,600,000 Cost of goods sold 1,100,000 Operating expenses including depreciation 840,000Depreciation expense 60,000Interest expense 100,000Income tax expense ? Other information for 2021: Payment of bank loan 300,000 Dividends paid to stockholders P250,000 Balance Sheet Items: December 31, 2021 December 31, 2020Cash and cash equivalents 2,000,000 P1,750,000Accounts receivable 670,000 410,000Inventory 430,000 220,000Supplies 18,000 12,000Accounts payable 520,000 380,000Accrued liabilities 72,000…
How much is AMSTERDAM's net income for the year ended December 31, 2021?
Doris company has the following information for the year March 2021: selling, general and admin expenses were P178,200 Net sales=P810,000 Interest expenses=P19,400 Research and development=P85,050 Net cash provided by operating activities=P215,100 Income tax expenses=P18,160 COGS=P445,500 Compute operating income and net income for the period ending March 2021.
How much is the balance of AMSTERDAM's retained earnings account at December 31, 2021?
LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00
YORMS Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a nonresident corporation. Group of answer choices P1,800,000.00 P500,000.00 P1,500,000.00 P600,000.00
The Companyreported the following data for the 2020 :Net sales P9,500,000 Cost of goods sold 4,000,000 Distribution costs 1,000,000 Administrative expenses 1,200,000 Interest expense 700,000 Gain from sale of land 500,000 Income tax expense 800,000 Income from discontinued operations-net of tax 600,000 Unrealized gain on equity investment at FV through OCI-net of tax 1,300,000 Actuarial loss during the year fully recognized-net of tax 300,000 Foreign translation adjustment-debit net of tax 100,000 Revaluation surplus during the year-net of tax 2,500,000 How much is the total comprehensive income for the 2020?
Sa Min Gi Company reported the following data for the 2020: Net sales P9,500,000 Cost of goods sold 4,000,000 Distribution costs 1,000,000 Administrative expenses Interest expense 1,200,000 700,000 Gain from sale of land 500,000 800,000 Income tax expense Income from discontinued operations- net of tax Unrealized gain on equity investment at FV through OCI- net of tax Actuarial loss during the year fully recognized- net of tax Foreign translation adjustment- debit net of tax Revaluation surplus during the year-net of tax 600,000 1,300,000 300,000 100,000 2,500,000 How much is the total comprehensive income for the 2020? C. P6,300,000 A. P2,900,000 B. P3,800,000 D. P6,500,000
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends Cash Accounts receivable Inventory Net fixed assets Current assets Prepare a balance sheet for this company for 2020 and 2021. (Do not round intermediate calculations.) Total assets Assets Current liabilities Liabilities & Equity 2020 2021 $7,616 $8,174 1,094 1,094 2,621 2,975 621 519 510 587 5,058 5,955 725 13,083 15,601 33,490 35,144 4,195 4,068 9,400 9,660 929 1,022 INGERSOLL, INCORPORATED Balance Sheet as of December 31 2020 Total liabilities & owners' equity 3,994 4,387 772 $ 3,994 $ 4,387 9,400 2021 5,058 5,955 9,660