MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution 125,000 425,000 60,000 Delivery expense Depreciation - delivery truck Depreciation - office Depreciation - store equipment Dividends paid 35,000 25,000 450,000 50,000 30,000 280,000 145,000 Dividends revenue Doubtful accounts Income tax Freight in Gain on sale of equipment 10,000 Interest revenue 20,000 Loss on sale of trading securities Loss from inventory write down Merchandise inventory, January 1 50,000 150,000 1,100,000 950,000 Office salaries Purchase discounts 45,000 4,600,000 550,000 8,750,000 150,000 600,000 150,000 Purchases Retained earnings, January 1 Sales Sales returns and allowances Sales salaries Store supplies. Inventory at year-end was valued at P850,000 (P1,000,000 cost less the P150,000 write down of inventory to net realizable value). MOWGLI Company mad a prior period error by understating depreciation in 2020 by P200,000.
MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution 125,000 425,000 60,000 Delivery expense Depreciation - delivery truck Depreciation - office Depreciation - store equipment Dividends paid 35,000 25,000 450,000 50,000 30,000 280,000 145,000 Dividends revenue Doubtful accounts Income tax Freight in Gain on sale of equipment 10,000 Interest revenue 20,000 Loss on sale of trading securities Loss from inventory write down Merchandise inventory, January 1 50,000 150,000 1,100,000 950,000 Office salaries Purchase discounts 45,000 4,600,000 550,000 8,750,000 150,000 600,000 150,000 Purchases Retained earnings, January 1 Sales Sales returns and allowances Sales salaries Store supplies. Inventory at year-end was valued at P850,000 (P1,000,000 cost less the P150,000 write down of inventory to net realizable value). MOWGLI Company mad a prior period error by understating depreciation in 2020 by P200,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ANSWER IN GOOD ACCOUNTING FORM. THANK YOU!!!
How much is net income?
Transcribed Image Text:MOWGLI Company provided the following information for the year ended December 31, 2021.
Contribution
125,000
Delivery expense
425,000
Depreciation - delivery truck
Depreciation - office
Depreciation - store equipment
Dividends paid
Dividends revenue
Doubtful accounts
60,000
35,000
25,000
450,000
50,000
30,000
Income tax
280,000
Freight in
Gain on sale of equipment
145,000
10,000
Interest revenue
20,000
Loss on sale of trading securities
Loss from inventory write down
Merchandise inventory, January 1
50,000
150,000
1,100,000
Office salaries
950,000
Purchase discounts
45,000
Purchases
4,600,000
Retained earnings, January 1
550,000
Sales
8,750,000
Sales returns and allowances
150,000
Sales salaries
600,000
Store supplies.
150,000
Inventory at year-end was valued at P850,000
(P1,000,000 cost less the P150,000 write down
of inventory to net realizable value).
MOWGLI Company mad a prior period error by understating
depreciation in 2020 by P200,000.
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