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How much is the adjusted net income before tax during year

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ABC Company recorded sales for a Php50,000 collection from a customer for a merchandise paid in advance. The inventory related to this sale is Php40,000 and is excluded from the ending inventory, however, the actual sale of the goods will take place in the next calendar year. The entity's net income after tax is Php84,000 with an income rate of 30%.

Problem 1: How much is the adjusted net income BEFORE tax during the year?

Option 1: 110,000.00

Option 2: 77,000.00

Option 3: 130,000.00

Option 4: 70,000.00

Option 5: None of the choices

Reference no: EM132943713

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