How much is the total sales

Assignment Help Accounting Basics
Reference no: EM133144829

Question 1 - The net income of Herbert Co. for the year 2022 was P50,000. Selling expenses were equal to 16% of sales and 20% of the cost of sales. All other expenses were 3% of sales. The cost of sales of Herbert Co. for the year 2022 was?

Question 2 - Honasan Co. reported profit after tax of P420,000. Honasan's income tax rate is 25%. Operating expenses for the year is 20% of sales and 50% of cost of sales. Other expenses were 5% of sales, How much is the total sales?

Reference no: EM133144829

Questions Cloud

What is the balance in the investment account : What is the balance in the investment account after equity accounting has been applied? How is the 4,000 in share of revaluation determined
Determine the company''s working capital at december : Your review of the ledger of J Company at December 31, 2021 reveals the following: Determine the company's working capital at December
Describe the behavioudescribral norms and work expectations : Describe the behavioural norms and work expectations that apply to the group. Are these formal or informal, structured, semi-structured, unstructured?
What were nokia core capabilities : What were Nokia's core capabilities?
How much is the total sales : Operating expenses for the year is 20% of sales and 50% of cost of sales. Other expenses were 5% of sales, How much is the total sales
Understand the term informatics : To understand how this can be used, we first have to understand the term "informatics". Informatics is just a fancy word for data warehousing - or enterprise da
What amount should be reported as adjusted net income : Unrealized loss on equity investments at fair value through other comprehensive income (P650,600). What amount should be reported as adjusted net income
Calculate the future value annuity with payments : Calculate the future Value annuity with payments of $800 every 3 months for 20 years. The rate of Return will be 8% compounded quarterly during the first 5.5 ye
Explain the primary and secondary sources : 1. What is the difference between primary and secondary sources?

Reviews

Write a Review

Accounting Basics Questions & Answers

  On june 30 2006 mabry corporation issued 5 million of its 8

on june 30 2006 mabry corporation issued 5 million of its 8 bonds for 4.6 million. the bonds were priced to yield 10

  How much gain or loss must Damon recognize

Damon's basis for his partnership interest immediately before the distribution is $30,000. How much gain or loss must Damon recognize

  Evaluate the success of the project

Evaluate the success of the project. Assume a discount rate of 10%.

  What should be reported by harvey in tax return as

Assuming he deducts state and local income taxes, the above information should be reported by Harvey in his 2019 tax return as

  Prepare the journal entries to record the income tax expense

Prepare the journal entries to record the income tax expense, deferred income taxes, and the income taxes payable for 2012, 2013

  Make journal entries to record the purchase of the patent

Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for first full year

  What is the income from continuing operations

The company has reported Net Income of $6.1 million. What is the income from continuing operations to be reported on the income statement for the year

  Compute the adjusted net income

Compute for the adjusted net income in 2017 and 2018 and the Retained Earnings as of December 31, 2017 and 2018

  Compute Mary cost recovery deduction

She did not claim any available additional first-year depreciation. Compute Mary's cost recovery deduction and any cost recovery recapture for 2020

  Compute Alva tax on her dividend income

Alva had no other capital gains and losses for the year. She is in the 32% marginal tax bracket. Compute Alva's tax on her dividend income for 2019

  What is the effect on earnings in the year

The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?

  Prepare any journal entries dreighton should record

Receivable-royalty revenue 31,000, Prepare any journal entries Dreighton should record during 2013 related to the royalty revenue

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd