Sales Cost of goods sold Gross Profit Operating expenses P800,000 480,000 320,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sales
Cost of goods sold
P800,000
480,000
Gross Profit
320,000
Operating expenses
Selling
40,000
Administrative
80,000
Total
120,000
Profit before income tax 200,000
Income tax expense
60,000
Profit
P140,000
Required:
A. Prepare a vertical analysis of the income statement
Transcribed Image Text:Sales Cost of goods sold P800,000 480,000 Gross Profit 320,000 Operating expenses Selling 40,000 Administrative 80,000 Total 120,000 Profit before income tax 200,000 Income tax expense 60,000 Profit P140,000 Required: A. Prepare a vertical analysis of the income statement
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