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What is the amount of sales for the year

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Q1. An entity reported an operating expense other than interest expense for the current year at 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. The amount of purchases is 120% of cost of sales. Ending inventory is twice as much as the beginning. The income after tax of 30% for the current year is P2,100,000. What is the amount of sales for the year?

A. P10,000,000

B. P15,000,000

C. P18,000,000

D. P12,000,000

What is the amount of purchases for the year?

A. P6,000,000

B. P7,200,000

C. P3,000,000

D. P3,600,000

Q2. On January 1, 2017, an entity purchased for P5,000,000 a machine with useful life of ten years and residual value of P200,000. The machine was depreciated by the double declining method. The entity changed to the straight line method on January 1, 2019 and the residual value did not change. What is the carrying amount of the asset on December 31, 2019?

A. P2,825,000

B. P2,800,000

C. P2,625,000

D. P3,200,000

Reference no: EM133015612

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