57. An Entity has the following accounting information for the year: Sales P 400,000 Purchases 90,000
57. An Entity has the following accounting information for the year: Sales P 400,000 Purchases 90,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 53CE: Profitability Ratios The following data came from the financial statements of Israel Company:...
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Transcribed Image Text:57. An Entity has the following
accounting information for the year:
Sales
P 400,000
Purchases
Inventory, Jan. 1
Sales Returns
90,000
30,000
80,000
Purchase Returns
70,000
Transportation In
40,000
Transportation Out
Salaries
10,000
9,000
4,000
7,000
Other Revenues
General Expenses
Gross Profit
250,000
What is the amount of profit for the year?
O A. P48,000
O B. P188,000
O C. P198,000
O D. P228,000
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