Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales Discount Net sales COS Salaries Depreciations expense Utilities Commissions Insurance expense Rent expense Interest expense Net income before tax Tax 25% Net income after tax Required: Compute for the time interest earned 2020 P4,750,000.00 P16,000.00 P7,000.00 $4,727,000.00 $2,299,000.00 $400,000.00 P90,000.00 P45,000.00 $50,000.00 P15,000.00 P30,000.00 $25.000.00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Venus corp has the following income statement for the year 2020
Gross sales
Sales return
Sales Discount
Net sales
COS
Salaries
Depreciations expense
Utilities
Commissions
Insurance expense
Rent expense
Interest expense
Net income before tax
Tax 25%
Net income after tax
Required: Compute for the time interest earned
2020
$4,750,000.00
P16,000.00
P7,000.00
$4,727,000.00
#2,299,000.00
$400,000.00
P90,000.00
P45,000.00
P50,000.00
P15,000.00
P30,000.00
$25,000.00
Transcribed Image Text:Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales Discount Net sales COS Salaries Depreciations expense Utilities Commissions Insurance expense Rent expense Interest expense Net income before tax Tax 25% Net income after tax Required: Compute for the time interest earned 2020 $4,750,000.00 P16,000.00 P7,000.00 $4,727,000.00 #2,299,000.00 $400,000.00 P90,000.00 P45,000.00 P50,000.00 P15,000.00 P30,000.00 $25,000.00
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