ECE Co. has an accounts receivable turnover of 15 and inventory turnover of 8 during the...

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ECE Co. has an accounts receivable turnover of 15 and inventory turnover of 8 during the year. Cash sales was determined to be P400,000, and operating expenses account for 20 percent of total sales. The company has an average accounts receivable of P30,000 and average inventory of P65,000 for the year. Income tax rate is 30%. Required: Based on the information available, prepare an income statement. ECE Co. has an accounts receivable turnover of 15 and inventory turnover of 8 during the year. Cash sales was determined to be P400,000, and operating expenses account for 20 percent of total sales. The company has an average accounts receivable of P30,000 and average inventory of P65,000 for the year. Income tax rate is 30%. Required: Based on the information available, prepare an income statement.

Answer rating: 100% (QA)

Percisione Co Income Statement Sales P400000 Cost of Goods Sold 265000 Gross Profit 135000 Operating ... View the full answer