Question
During August 2021, Seungcheol Co. Supply Store generated revenues of Php 27,000,000. Seungcheol Co. expenses were as follows: cost of goods sold of Php 8,500,000
During August 2021, Seungcheol Co. Supply Store generated revenues of Php 27,000,000. Seungcheol Co. expenses were as follows: cost of goods sold of Php 8,500,000 and operating expenses of Php 3,350,000. The company also had rent revenue of Php 1,950,000 and a gain on the sale of a delivery truck of Php 500,000. The company had an outstanding 6% note payable amounting to P5,000,000, and tax for the month was equal to 2% the gross profit.
1. Gross Profit for August 2021?
2. Operating income (debit) for the month of August 2021 is?
3. Net Income for August 2021 is?
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