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Determine the net income for the second quarter ending June

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Reference no: EM132805236

Question - The following transactions for Brutavious Enterprises during the second quarter of 2022:

Sales amounted to P5,000,000 and related cost of goods sold was P3,000,000

Selling expenses for the given period was P250,000.

Depreciation is usually recorded by Brutavious at annual amount of P1,200,000.

Real property taxes for the year in the amount of P600,000 were paid on April 1, 2022.

An inventory loss arising from a temporary market decline of P400,000 had occurred on June 30, 2022.

Ignoring income taxes, determine the net income for the second quarter ending June 30, 2022?

A. 750,000

B. 900,000

C. 1,150,000

D. 1,300,000

Reference no: EM132805236

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