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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 40 Cost of goods sold o

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 40 Cost of goods sold o

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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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 40 Cost of goods sold 0
Transcribed Image Text: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 40 Cost of goods sold 0
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