19. In ABC Food Co.'s 2023 single-step income statement, the section titled "Revenues" consisted of the following: Net sales revenue Results from discontinued operations: Loss from discontinued component Z including loss on disposal of P1,200 Less: Tax benefit Interest revenue Gain on sale of equipment Cumulative change in 2021 and 2022 income due to change in depreciation method (net of 1750 tax effect) Total revenues 16,400 4,000 187,000 (12,400) 10,200 4,700 1,500 191,000 In the revenues section of the 2023 income statement, how much total revenue should ABC Food report?

19. In ABC Food Co.'s 2023 single-step income statement, the section titled "Revenues" consisted of the following: Net sales revenue Results from discontinued operations: Loss from discontinued component Z including loss on disposal of P1,200 Less: Tax benefit Interest revenue Gain on sale of equipment Cumulative change in 2021 and 2022 income due to change in depreciation method (net of 1750 tax effect) Total revenues 16,400 4,000 187,000 (12,400) 10,200 4,700 1,500 191,000 In the revenues section of the 2023 income statement, how much total revenue should ABC Food report?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…
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