question archive The related data of Frost Company: Cost of goods sold P1,757,900 Dividends income 57,600 Gain on change in fair value of financial assets - FVOCI 97,500 Income from discontinued operations 50,000 Income tax expense 216,660 Interest expense 68,000 Interest income 18,000 Loss on change in fair value of financial assets - FVPL 65,000 Net remeasurement loss 70,000 Sales 3,567,500 Sales discount 49,000 Sales returns and allowances 37,200 Selling and administrative expenses 580,700 How much is the net income? The related data of Amaya Company are as follows: Accounts payable P125,000 Accrued liabilities 38,900 Cash 98,700 Intangible assets 300,000 Inventory 185,900 Long-term investments 380,000 Long-term liabilities 278,000 Marketable securities 70,000 Notes payable (short-term) 25,000 Prepaid expenses 10,000 Property and equipment 425,000 Trade receivable 175,600 What is the amount of the total current assets?
The related data of Frost Company: Cost of goods sold P1,757,900 Dividends income 57,600 Gain on change in fair value of financial assets - FVOCI 97,500 Income from discontinued operations 50,000 Income tax expense 216,660 Interest expense 68,000 Interest income 18,000 Loss on change in fair value of financial assets - FVPL 65,000 Net remeasurement loss 70,000 Sales 3,567,500 Sales discount 49,000 Sales returns and allowances 37,200 Selling and administrative expenses 580,700 How much is the net income? The related data of Amaya Company are as follows: Accounts payable P125,000 Accrued liabilities 38,900 Cash 98,700 Intangible assets 300,000 Inventory 185,900 Long-term investments 380,000 Long-term liabilities 278,000 Marketable securities 70,000 Notes payable (short-term) 25,000 Prepaid expenses 10,000 Property and equipment 425,000 Trade receivable 175,600 What is the amount of the total current assets?
Subject:AccountingPrice:9.82 Bought3
The related data of Frost Company:
Cost of goods sold P1,757,900
Dividends income 57,600
Gain on change in fair value of financial assets - FVOCI 97,500
Income from discontinued operations 50,000
Income tax expense 216,660
Interest expense 68,000
Interest income 18,000
Loss on change in fair value of financial assets - FVPL 65,000
Net remeasurement loss 70,000
Sales 3,567,500
Sales discount 49,000
Sales returns and allowances 37,200
Selling and administrative expenses 580,700
How much is the net income?
The related data of Amaya Company are as follows:
Accounts payable P125,000
Accrued liabilities 38,900
Cash 98,700
Intangible assets 300,000
Inventory 185,900
Long-term investments 380,000
Long-term liabilities 278,000
Marketable securities 70,000
Notes payable (short-term) 25,000
Prepaid expenses 10,000
Property and equipment 425,000
Trade receivable 175,600
What is the amount of the total current assets?
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| 1 | Sales | 3,567,500 | |
| Sales discounts | -49,000 | ||
| Sales returns & allowances | -37,200 | ||
| Cost of goods sold | -1,757,900 | ||
| Gross profit | 1,723,400 | ||
| Less: Expenses | |||
| Selling & administrative expenses | -580,700 | ||
| Operating income | 1,142,700 | ||
| Interest income | 18,000 | ||
| Interest expense | -68,000 | ||
| Income tax expense | -216,660 | ||
| Net income | 876,040 | ||
| 2 | Cash | 98,700 | |
| Inventory | 185,900 | ||
| Marketable securities | 70,000 | ||
| Prepaid expenses | 10,000 | ||
| Trade receivable | 175,600 | ||
| Total Current Assets | 540,200 | ||
Step-by-step explanation
| Net income is computed based on revenues less cost and expenses. | |||
| which incurred mainly on the operations or business of the company | |||
| urrent assets are all the assets of a company that are expected to be sold | |||
| or used as a result of standard business operations over the next year. | |||
