The following data relate to Masuerte Corporation for the year nded December 31, 2018. Assume an income tax rate of 30%. 9. Sales Purchases Purchase Returns and Allowances Sales Returns and Allowances Sales Salaries and Commissions Office Salaries Advertising Utilities Taxes and Licenses' Delivery Expense Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Insurance Expense Repairs and Maintenance Uncollectible Accounts Expense Miscellaneous Selling Expenses Miscellaneous Administrative Expenses Interest Expense Gain on Sale of Equipment Additional information: P3,348,000 2,150,000 70,000 95,000 185,000 202,000 78,000 56,000 44,000 35,000 30,000 36,000 12,000 14,000 23,000 16,000 5,000 46,000 30,000 Inventories from the beginning of the year to the end of the year increased by P80,000. а. Required: (a) Show computations for the following: (1) Cost of goods sold (2) Gross profit (3) Total selling expenses (4) Total administrative expenses (5) Profit before income tax y there were 40,000 weighted average shares outstanding during the year, what is the earnings per share? (b) in its

The following data relate to Masuerte Corporation for the year nded December 31, 2018. Assume an income tax rate of 30%. 9. Sales Purchases Purchase Returns and Allowances Sales Returns and Allowances Sales Salaries and Commissions Office Salaries Advertising Utilities Taxes and Licenses' Delivery Expense Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Insurance Expense Repairs and Maintenance Uncollectible Accounts Expense Miscellaneous Selling Expenses Miscellaneous Administrative Expenses Interest Expense Gain on Sale of Equipment Additional information: P3,348,000 2,150,000 70,000 95,000 185,000 202,000 78,000 56,000 44,000 35,000 30,000 36,000 12,000 14,000 23,000 16,000 5,000 46,000 30,000 Inventories from the beginning of the year to the end of the year increased by P80,000. а. Required: (a) Show computations for the following: (1) Cost of goods sold (2) Gross profit (3) Total selling expenses (4) Total administrative expenses (5) Profit before income tax y there were 40,000 weighted average shares outstanding during the year, what is the earnings per share? (b) in its

Name: StatementsThe following data relate to Masuerte Corporation for the y
Uploaded: 2022-11-04T13:36:16.000Z
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Description: StatementsThe following data relate to Masuerte Corporation for the yearended December 31, 2018. Assume an income tax rate of 30%.9.SalesPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales Salaries and CommissionsOffice Salarie

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Statements
The following data relate to Masuerte Corporation for the year
ended December 31, 2018. Assume an income tax rate of 30%.
9.
Sales
Purchases
Purchase Returns and Allowances
Sales Returns and Allowances
Sales Salaries and Commissions
Office Salaries
Advertising
Utilities
Taxes and Licenses'
Delivery Expense
Depreciation Expense - Store Equipment
Depreciation Expense - Office Equipment
Insurance Expense
Repairs and Maintenance
Uncollectible Accounts Expense
Miscellaneous Selling Expenses
Miscellaneous Administrative Expenses
Interest Expense
Gain on Sale of Equipment
Additional information:
P3,348,000
2,150,000
70,000
95,000
185,000
202,000
78,000
56,000
44,000
35,000
30,000
36,000
12,000
14,000
23,000
16,000
5,000
46,000
30,000
Inventories from the beginning of the year to the end of
the year increased by P80,000.
a.
Required:
(a)
Show computations for the following:
(1)
Cost of goods sold
(2)
Gross profit
(3)
Total selling expenses
(4)
Total administrative expenses
(5)
Profit before income tax
y there were 40,000 weighted average shares outstanding
during the year, what is the earnings per share?
(b)
in its

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