Hanggang Dito Na Lang Company reported the following information for the current year: Sales 575,000 Cost of sales 240,000 Administrative expenses 70,000 Loss on sale of equipment 10,000 Sales commission 50,000 Interest revenue 25,000 Freight out 15,000 Loss on early retirement of long-term debt 20,000 Uncollectible accounts expense 15,000 The finished goods inventory was P400,000 on January 1 and P360,000 on December 31, 2020. The tax rate is 30%. What amount should be reported as income from continuing operations?
Hanggang Dito Na Lang Company reported the following information for the current year: Sales 575,000 Cost of sales 240,000 Administrative expenses 70,000 Loss on sale of equipment 10,000 Sales commission 50,000 Interest revenue 25,000 Freight out 15,000 Loss on early retirement of long-term debt 20,000 Uncollectible accounts expense 15,000 The finished goods inventory was P400,000 on January 1 and P360,000 on December 31, 2020. The tax rate is 30%. What amount should be reported as income from continuing operations?
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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Hanggang Dito Na Lang Company reported the following information for the current year:
Sales 575,000
Cost of sales 240,000
Administrative expenses 70,000
Loss on sale of equipment 10,000
Sales commission 50,000
Interest revenue 25,000
Freight out 15,000
Loss on early retirement of long-term debt 20,000
Uncollectible accounts expense 15,000
The finished goods inventory was P400,000 on January 1 and P360,000 on December 31, 2020. The tax rate is 30%.
What amount should be reported as income from continuing operations?
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