Mr. Vavalu, had the following income and expenses for the year Philippines P 2,000,000 Gross Sales Sales return Cost of sales Deductible expenses Other sources of income: Lotto winnings Prize on contest Royalty on books Interest income 50,000 1,450,000 200,000 100,000 15,000 20,000 30,000 USA P 500,000 20,000 300,000 80,000 50,000 10,000 15,000 25,000

Mr. Vavalu, had the following income and expenses for the year Philippines P 2,000,000 Gross Sales Sales return Cost of sales Deductible expenses Other sources of income: Lotto winnings Prize on contest Royalty on books Interest income 50,000 1,450,000 200,000 100,000 15,000 20,000 30,000 USA P 500,000 20,000 300,000 80,000 50,000 10,000 15,000 25,000

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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