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Determine the amount of net profit for the year

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Question - GIFT CERTIFICATES - XYZ sold 200 gift certificates (GC) during the year 2021 with P1,000 denomination and another 200 pcs of P500 denomination. The accounting department has captured GC redemption by the end of December 31, 2021 - 120 pcs (P1,000), 180 pcs (P500) and another P45,000 from last year. Determine the amount of net profit for the year December 31, 2021 if at the beginning of the year, gift certificate payable of XYZ has a beginning balance of P85,000. Additional information includes (1) sales not related to gift certificate amounts to P1,200,000, (2) the general and administrative expense is 15% of the total gross revenue, (3) the selling expense is 110% of general and administrative expense and the cost ratio based on sales is 40%.

Reference no: EM133124961

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