Reference no: EM132951984
Question - The bookkeeper for the Maze Company prepared the following income statement and statement of retained earnings for the year ended December 31, 2019:
Maze Company December 31, 2019 Income Statement
Sales (net) 1,568,000
Less: Selling expenses (156,800)
Net sales 1,411,200
Add: Interest revenue 18,400
Add: Gain on sale of equipment 25,600
Gross sales revenue 1,455,200
Less: Costs of operations: Cost of goods sold 960,800
Correction of overstatement in last year's income due to error (net of P13,200 income tax credit) 30,800
Dividend costs (P4 per share for 8,000 ordinary shares) 32,000
Loss due to earthquake 33,600
(1,057,200)
Taxable revenues 398,000
Less: Income tax on income from continuing operations (99,840)
Net income 298,160
Miscellaneous deductions
Loss from operations of discontinued Segment (net of P7,200 income tax credit) 16,800
Administrative expenses 134,400
(151,200)
Net revenues 146,960
Maze Company Retained Revenue Statement For the Year Ended December 31, 2019
Retained earnings, beginning 474,400
Add: Gain on sale of Segment (net of P10,800 income taxes) 25,200
Recalculated retained earnings 499,600
Add: Net revenues 146,960
646,560
Less: Interest expense (27,200)
Retained earnings, ending 619,360
Required - What the income from continuing operations for the year ended December 31, 2019?
a. P207,760
b. P299,200
c. P199,360
d. P226,560
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