Question 39Earnings before interest and taxes Blank 1Blank 1 Add your answerQuestion 40Cost of goods sold Blank 1Blank 1 Add your answerQuestion 41Net Sales Blank 1Blank 1Add your answer PROBLEM DFINALE INC. operates a service business. Total equity amounted to P6,000,000 at the end of 2020. Based on its 2021 accountingrecords, 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 38Net Income After Tax Blank 1Blank 1 Add your answer

The net income is part of the increase in equity during the accounting period. Computation of net…

Answered: Question 39 Earnings before interest…

Question 39 Earnings before interest and taxes Blank 1 Blank 1 Add your answer Question 40 Cost of goods sold Blank 1 Blank 1 Add your answer Question 41 Net Sales Blank 1 Blank 1 Add your answer

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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Question

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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Aa 129.
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