Answered: Given: The Company showed Cost of Goods…

Given: The Company showed Cost of Goods Sold amounting to P645,750 and its gross profit rate is 40%. The total expenses was P559,400. Required: What is the net profit or net loss of the company.

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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Question

Given: The Company showed Cost of Goods Sold amounting to P645,750 and its
gross profit rate is 40%. The total expenses was P559,400.
Required: What is the net profit or net loss of the company.
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