Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales Discount Net sales COS Salaries Depreciations expense Utilities Commissions Insurance expense Rent expense Interest expense Net income before tax Tax 25% Net income after tax Required: Compute for the time interest earned 2020 P4,750,000.00 P16,000.00 P7,000.00 $4,727,000.00 $2,299,000.00 $400,000.00 P90,000.00 P45,000.00 $50,000.00 P15,000.00 P30,000.00 $25.000.00

Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales Discount Net sales COS Salaries Depreciations expense Utilities Commissions Insurance expense Rent expense Interest expense Net income before tax Tax 25% Net income after tax Required: Compute for the time interest earned 2020 P4,750,000.00 P16,000.00 P7,000.00 $4,727,000.00 $2,299,000.00 $400,000.00 P90,000.00 P45,000.00 $50,000.00 P15,000.00 P30,000.00 $25.000.00

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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