MOWGLI Company provided the following information for the year ended December 31, 2021. 125,000 425,000 60,000 35,000 Contribution Delivery expense Depreciation - delivery truck Depreciation - office Depreciation - store equipment Dividends paid Dividends revenue 25,000 450,000 50,000 30,000 280,000 145,000 10,000 20,000 Doubtful accounts Income tax Freight in Gain on sale of equipment Interest revenue Loss on sale of trading securities Loss from inventory write down Merchandise inventory, January 1 50,000 150,000 1,100,000 950,000 45,000 4,600,000 550,000 8,750,000 150,000 600,000 Office salaries Purchase discounts Purchases Retained earnings, January 1 Sales Sales returns and allowances Sales salaries Store supplies. 150,000 Inventory at year-end was valued at P850,000 (P1,000,000 cost less the P150,000 write down of inventory to net realizable value). MOWGLI Company mad a prior period error by understating depreciation in 2020 by P200,000.
MOWGLI Company provided the following information for the year ended December 31, 2021. 125,000 425,000 60,000 35,000 Contribution Delivery expense Depreciation - delivery truck Depreciation - office Depreciation - store equipment Dividends paid Dividends revenue 25,000 450,000 50,000 30,000 280,000 145,000 10,000 20,000 Doubtful accounts Income tax Freight in Gain on sale of equipment Interest revenue Loss on sale of trading securities Loss from inventory write down Merchandise inventory, January 1 50,000 150,000 1,100,000 950,000 45,000 4,600,000 550,000 8,750,000 150,000 600,000 Office salaries Purchase discounts Purchases Retained earnings, January 1 Sales Sales returns and allowances Sales salaries Store supplies. 150,000 Inventory at year-end was valued at P850,000 (P1,000,000 cost less the P150,000 write down of inventory to net realizable value). MOWGLI Company mad a prior period error by understating depreciation in 2020 by P200,000.
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
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
Related questions
Question
3. How much is net income?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning