PROBLEM D FINALE INC. operates a service business. Total equity amounted to P5,000,000 at the end of 2020. Based on its 2021 accounting records, FINALE's equity at the end of the year amounted to P8,000,000. Withdrawals equaled 15% of the increase in capital. Investments amounted to 30% of ending equity. Mark-up based on sales is 25%. Tax rate is equal to 20%. A breakdown of business expenses showed the following: general and administrative expense - 975,000; selling expense - 625,000; loss on sale of machinery - 35,000; interest income - 10,000; gain on sale of land - 50,000; Interest expense - 25,000. Identify the required below. Question 38 Net Income After Tax Blank 1

PROBLEM D FINALE INC. operates a service business. Total equity amounted to P5,000,000 at the end of 2020. Based on its 2021 accounting records, FINALE's equity at the end of the year amounted to P8,000,000. Withdrawals equaled 15% of the increase in capital. Investments amounted to 30% of ending equity. Mark-up based on sales is 25%. Tax rate is equal to 20%. A breakdown of business expenses showed the following: general and administrative expense - 975,000; selling expense - 625,000; loss on sale of machinery - 35,000; interest income - 10,000; gain on sale of land - 50,000; Interest expense - 25,000. Identify the required below. Question 38 Net Income After Tax Blank 1

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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PROBLEM D FINALE INC. operates a service business. Total equity amounted to P6,000,000 at the end of 2020. Based on its 2021 accounting records, FINALE's equity at the end of the year amounted to P10,000,000. Withdrawals equaled 15% of the increase in capital. Investments amounted to 30% of ending equity. Mark-up based on sales is 25%. Tax rate is equal to 20%. A breakdown of business expenses showed the following: general and administrative expense - 1,175,000; selling expense - 725,000; loss on sale of machinery - 25,000; interest income - 15,000; gain on sale of land - 75,000; Interest expense - 20,00o. Identify the required below. Question 38 Net Income After Tax Blank 1 Blank 1 Add your answer
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