TB COMPANY December 31, 2010 Statement of Profit and Loss Sales (net) P1,568,000 Less: Selling Expenses 156,800
Question:
TB COMPANY
December 31, 2010
Statement of Profit and Loss
Sales (net) P1,568,000
Less: Selling Expenses 156,800
Net Sales 1,411,200
Add: Interest Income 18,400
A: Gain on sales of equipment 25,600
Gross Revenue 1,455,200
Less: Cost of Operations
Cost of goods sold P960,800
`Corrections of overstatement in last
Years income due to error (net of
P13,200 income tax credit) 30,800
Dividend cost (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 X44
(net of P7,200 income tax credit) 16,800
Administrative expenses 134,400 151,200
Net Income P 146,960
Compute for the income from continuing operations for the year ended December 31, 2010?
Compute for the income(loss) from discontinued operations for the year ended December 31, 2010?
The total profit for the year ended December 31, 2010.
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso