PROBLEM D FINALE INC. operates a service business. Total equity amounted to P5,000,000 at the end of 2020. Based on its 2021 accounting records, FINALE's equity at the end of the year amounted to P8,000,000. Withdrawals equaled 15% of the increase in capital. Investments amounted to 30% of ending equity. Mark-up based on sales is 25%. Tax rate is equal to 20%. A breakdown of business expenses showed the following: general and administrative expense - 975,000; selling expense - 625,000; loss on sale of machinery - 35,000; interest income - 10,000; gain on sale of land - 50,000; Interest expense - 25,000. Identify the required below. Question 38 Net Income After Tax 0 Question 39 Earnings before interest and taxes 0 Question 40 Cost of goods sold o Question 41 Net Sales o
PROBLEM D FINALE INC. operates a service business. Total equity amounted to P5,000,000 at the end of 2020. Based on its 2021 accounting records, FINALE's equity at the end of the year amounted to P8,000,000. Withdrawals equaled 15% of the increase in capital. Investments amounted to 30% of ending equity. Mark-up based on sales is 25%. Tax rate is equal to 20%. A breakdown of business expenses showed the following: general and administrative expense - 975,000; selling expense - 625,000; loss on sale of machinery - 35,000; interest income - 10,000; gain on sale of land - 50,000; Interest expense - 25,000. Identify the required below. Question 38 Net Income After Tax 0 Question 39 Earnings before interest and taxes 0 Question 40 Cost of goods sold o Question 41 Net Sales o
Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
Section: Chapter Questions
Problem 17P: Athenian Venues Inc. just reported the following selected portion of its financial statements for...
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