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Find the following: •Sales revenue •Cost of Good Sold •Insurance Expense •Income before Tax •Income after Tax

Find the following: •Sales revenue •Cost of Good Sold •Insurance Expense •Income before Tax •Income after Tax

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 5E: Fava Company began operations in 2018 and used the LIFO inventory method for both financial...
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Find the following:

•Sales revenue

•Cost of Good Sold

•Insurance Expense

•Income before Tax

•Income after Tax

Golti Incorporated is preparing its interim financial statements for the third quarter of calendar 2021. The following information was gathered for the third quarter: 1. Credit sales for the quarter 2. Cash sales for the quarter P2,000,000 500,000 250,000 400,000 650,000 45% 3. Inventories, July 1 (FIFO cost method) 4. Cash purchases of inventory during the quarter 5. Inventory purchases made on account for the quarter 6. Estimated cost of goods sold ratio 7. Selling and general administrative expenses paid 8. Effective corporate tax rate 9. Loss on sale of securities sold on June 30, 2021 10. Annual insurance premiums paid on the August 1 (the anniversary date of the policy) Additional information At the end of the year, Golti accrues its annual pension and depreciation expenses which amount to P40,000 and P62,000, respectively. 111,000 28% 75,000 84,000
Transcribed Image Text:Golti Incorporated is preparing its interim financial statements for the third quarter of calendar 2021. The following information was gathered for the third quarter: 1. Credit sales for the quarter 2. Cash sales for the quarter P2,000,000 500,000 250,000 400,000 650,000 45% 3. Inventories, July 1 (FIFO cost method) 4. Cash purchases of inventory during the quarter 5. Inventory purchases made on account for the quarter 6. Estimated cost of goods sold ratio 7. Selling and general administrative expenses paid 8. Effective corporate tax rate 9. Loss on sale of securities sold on June 30, 2021 10. Annual insurance premiums paid on the August 1 (the anniversary date of the policy) Additional information At the end of the year, Golti accrues its annual pension and depreciation expenses which amount to P40,000 and P62,000, respectively. 111,000 28% 75,000 84,000
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