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How much is the correct profit before tax for the year

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Reference no: EM132814169

XYZ Company has determined the following information related to operations for 2023:

Revenue from sales 7,000,000

Expenses 4,000,000

Income before income taxes 3,000,000

In reviewing the records, you discovered the following items:

a. During 2023, the company discovered an error in depreciation in 2022. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2022 of P200,000.

b. During 2023, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.

Problem 1: How much is the correct profit before tax for the year 2023?

Reference no: EM132814169

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