Reference no: EM132953167
Question - The bookkeeper for the Maze Company prepared the following income statement and statement of retained earnings for the year ended December 31, 2019:
Maze Company December 31, 2019 Income Statement
Sales (net) 1,568,000
Less: Selling expenses (156,800)
Net sales 1,411,200
Add: Interest revenue 18,400
Add: Gain on sale of equipment 25,600
Gross sales revenue 1,455,200
Less: Costs of operations:
Cost of goods sold 960,800
Correction of overstatement in last year's income due to error (net of P13,200 income tax credit) 30,800
Dividend costs (P4 per share for 8,000 ordinary shares) 32,000
Loss due to earthquake 33,600
(1,057,200)
Taxable revenues 398,000
Less: Income tax on income from continuing operations (99,840)
Net income 298,160
Miscellaneous deductions
Loss from operations of discontinued Segment (net of P7,200 income tax credit) 16,800
Administrative expenses 134,400
(151,200)
Net revenues 146,960
Maze Company Retained Revenue Statement For the Year Ended December 31, 2019
Retained earnings, beginning 474,400
Add: Gain on sale of Segment (net of P10,800 income taxes) 25,200
Recalculated retained earnings 499,600
Add: Net revenues 146,960
646,560
Less: Interest expense (27,200)
Retained earnings, ending 619,360
Required - Determine the profit for the year ended December 31, 2019?
a. P209,760
b. P207,760
c. P234,960
d. P307,000
How many units they should sell to reach their profit goal
: Mr. Tidy is considering three alternative strategies in order to reach the profit of $6,700,000 in 2021. How many units they should sell to reach their profit
|
Determine the variable cost per unit
: Strand has a break-even point of 120,000 units. If the firm's sole product sells for $40 and fixed costs total $480,000, determine the variable cost per unit
|
What the deferred revenue from this transaction
: It expects to collect $300,000 during 2018, $200,000 in January 2019, and the remaining amount in April 2019. What the Deferred revenue from this transaction
|
What is the current tax liability of a ltd
: Depreciation of plant (accounting) 25,000. What is the current tax liability of A Ltd for the year ended 30 June 2021, based on the information given above
|
Determine the profit for the year ended December
: Loss from operations of discontinued Segment (net of P7,200 income tax credit) 16,800. Determine the profit for the year ended December
|
What guidance is provided by aicpa professional standards
: What guidance is provided by AICPA Professional Standards with respect to appropriate modifications to the auditor's report in this situation
|
Calculate internal rate of return
: Using the following data: Initial Investment = $10,000,000 and Cash Inflow - Year 1 = $3,000,000. Calculate Internal Rate of Return
|
Describe two examples of cancer
: Describe two examples of cancer. In your response, include the population in which it's most common, detection methods used to identify it, and any risk factors
|
Define the optimal capital structure
: First define the optimal capital structure, then Discuss how a financial manager can find the optimal capital structure of firm in order to maximize stock value
|