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Determine the net income for the period amounts

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Reference no: EM133129727

Question - Common - Size Income Statement - You are asked by the bookkeeper of Matibay Company to analyze its financial performance. It has a profit percentage for the year of 30% after deducting a 30% tax from Net income before tax. The 40% cost of sales amounted to P482,000, and the Operating expenses represented 17% of the gross sales.

1. Determine the gross sales?

2. Determine the gross profit?

3. Determine the net income before tax?

4. Determine the income tax amounts?

5. Determine the net income for the period amounts?

Reference no: EM133129727

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