Show correct answer for upvotes? ASG Corporation has the following data in their accounting booksSales - P1,000,000Cost of Sales-P500,000Rental Expenses-P50,000Salaries Expenses - P40,000Utilities expense - P10,000Cash-25,000Account Receivable - P15,000What is the net Income of ASG Corporation?OP360,000O P425,000O P400,000O P440,000

Introduction: Income statement: All revenues and expenses are to be shown in Income statement. It…

Answered: ASG Corporation has the following data…

ASG Corporation has the following data in their accounting books Sales-P1,000,000 Cost of Sales-P500,000 Rental Expenses-P50,000

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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Show correct answer for upvotes?

ASG Corporation has the following data in their accounting books
Sales - P1,000,000
Cost of Sales-P500,000
Rental Expenses-P50,000
Salaries Expenses - P40,000
Utilities expense - P10,000
Cash-25,000
Account Receivable - P15,000
What is the net Income of ASG Corporation?
OP360,000
O P425,000
O P400,000
O P440,000

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