SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than interest expense , at 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. Purchases is 120% of cost of sales and ending inventory is twice the beginning inventory. If the company is subject to 30% income tax, how much is the company's sales for the year? *

SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than interest expense , at 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. Purchases is 120% of cost of sales and ending inventory is twice the beginning inventory. If the company is subject to 30% income tax, how much is the company's sales for the year? *

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Abacus Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than interest expense , at 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. Purchases is 120% of cost of sales and ending inventory is twice the beginning inventory. If the company is subject to 30% income tax, how much is the company's sales for the year?
GHIST Co. reported a net income of P2,100,000 for 2020. It incurred operating expenses other than interest expense, at 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. Purchases is 120% of the cost of sales and ending inventory is twice the beginning inventory. If the company is subject to 30% income tax, how much is the company's sales for the year? *a. P10,000,000b. P12,000,000c. P15,000,000d. P18,000,000e. answer not given
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Al Mamari Automobile Spare Parts LLC has provided following Income Statement for the year ending 31st Mar 2021: Particulars Amount Sales Less: Cost of Goods Sold 80,000 -50,000 Gross Profit Less: Operating Expenses 30,000 -15,000 Operating Profits (EBIT) Less: Financial Charges (Interest Paid) 15,000 -3,000 Profit Before Tax Less: Taxes 12,000 -1,800 Profit After Tax (Net Profit for the Year) 10,200 Calculate Operating Profit Ratio and Net Profit Ratio from the above Income Statement
a company reported a sale revenue for $700000. the gross profit margin is 60% and the selling expenses are 10% of the sales revenue. the general and administrative expenses are $77000 and the income tax rate for the current year is 25%. compute the net income
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