TRIUMVIRATE TRADING Income Statement December 31, 2021 Sales P,9,200,000 Cost of Goods Sold (3,200,000) Gross Profit 6,000,000 Gain on Sale of Plant Assets 300,000 Depreciation Expense (750,000) Salaries Expense (2,100,000) Rent Expense (125,000) Miscellaneous Expense (270,000) EBIT 3,055,000 Interest Expense (100,000) EBT 2,955,000 Tax Expense (886,500) Net Income 2,068,500 Additional information for 2021: • Plant assets were sold on cash and has a carrying value of P500,000 · Cash withdrawals of the owner amounted to P1,200,000 • Owner also invested additional P5,000,000 additional cash • Borrowed P6,000,000 cash on November 1, 2021 to be paid back with annual interest of 10% on June 1, 2011. Interest accrued every two months are paid 80% upon accrual while 20% on the next two months after the accrual. • Miscellaneous Expenses are all non-cash expenses

TRIUMVIRATE TRADING Income Statement December 31, 2021 Sales P,9,200,000 Cost of Goods Sold (3,200,000) Gross Profit 6,000,000 Gain on Sale of Plant Assets 300,000 Depreciation Expense (750,000) Salaries Expense (2,100,000) Rent Expense (125,000) Miscellaneous Expense (270,000) EBIT 3,055,000 Interest Expense (100,000) EBT 2,955,000 Tax Expense (886,500) Net Income 2,068,500 Additional information for 2021: • Plant assets were sold on cash and has a carrying value of P500,000 · Cash withdrawals of the owner amounted to P1,200,000 • Owner also invested additional P5,000,000 additional cash • Borrowed P6,000,000 cash on November 1, 2021 to be paid back with annual interest of 10% on June 1, 2011. Interest accrued every two months are paid 80% upon accrual while 20% on the next two months after the accrual. • Miscellaneous Expenses are all non-cash expenses

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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