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How much net income would be reported by the Manila agency

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Question - On June 1, 2019, Infatuation Co. established an agency in Manila, sending samples costing P80,000 which are useful until May 31, 2020 and have a salvage value of 10% of cost. A working fund of P65,000 is to be maintained using the imprest basis. During 2019, the agency submitted to the home office sales order amounting to P675,000. Sales per invoice were P525,000 which were duly approved by the home office. Collections during the year amounted to P280,330, net of 3% sales discount. The cost of merchandise sold during the year is equal to 75% of the gross selling price. Vouchers for expenses amounted to P35,000. How much net income would be reported by the Manila agency on December 31, 2019?

Reference no: EM133109165

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