Reference no: EM132907498
Problem - Copper Inc. provided the the following data for the year ended December 31, 2019:
1. The beginning merchandise inventory was P92,000 and decreased 20% during the current year.
2. Sales discounts amount to P20,000.
3. 30,000 shares of common stock were outstanding for the entire year.
4. Interest expense was P10,000.
5. The income tax rate is 30%.
6. Cost of goods sold amounts to P500,000.
7. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales.
8. Four-fifths of the operating expenses relate to sales activities.
Required -
1. How much is the Selling Expenses to be reported in the Income Statement?
2. How much is the Net Sales to be reported in the Income Statement?
3. How much is the Net income (after tax) to be reported in the Income Statement?
4. How much is the Administrative Expense to be reported in the Income Statement?
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