Reference no: EM133037490
Question - Alabang Head Office opened a sales agency in Nuvali on January 1, 2023, The following is a summary of the transactions of the sales agency:
-Volume discount 1.5% and 2.5%
-Invoice price P1,926,000
-Freight on shipment of agency 31,500
-Collections, 20% of which were able to avail of the 5% discount 1,261,125
-Selling expenses paid from the agency fund 67,500
-Administrative expenses allocated to agency 4% of net sales
-Samples shipped to the agency amounting to P99,000 are to be properly depreciated to its carrying amount of P85,851 as of December 31, 2023.
-Remaining receivables are estimated to be 95% collectible.
-The company's gross profit rate based on invoice price is 30% excluding the freight cost on shipments to agency. What is the net income of the agency for 2023?
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