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For Nos. 16-20. The K&S Company is a profitable medium-sized retail store specializing in 60s costumes and alternative music, run by Karina and Selena. The
For Nos. 16-20. The K&S Company is a profitable medium-sized retail store specializing in 60s costumes and alternative music, run by Karina and Selena. The following transactions occurred during 2020 are journalized below.
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\begin{tabular}{|c|c|c|} \hline Accounts Receivable & & 100,000.00 \\ Accounts Payable & 80,000.00 & \\ Cash & 100,000.00 & 80,000.00 \\ \hline Utilities Expense & 39,000.00 & \\ Cash & & 39,000.00 \\ \hline Capital Stock & 12,000.00 & \\ Cash & & 12,000.00 \\ \hline \end{tabular} 16. What is the sales revenue for year 2020 ? A. P250,000 B. P300,000 C. P350,000 D. P400,000 17. What is the gross margin for year 2020 ? A. P150,000 B. P175,000 C. P200,000 D. P225,000 18. What is the net income before tax for year 2020 ? A. P81,000 B. P31,000 C. P56,000 D. P6,000 19. If a tax bracket of 40% is utilized, what is the income tax expense for year 2020 ? A. P2,400 B. P12,400 C. P22,400 D. P32,400 20. If the retained earnings for year 2019 is P25,000.00, what is the retained earnings for year 2020 ? A. P73,600 B. P58,600 C. P43,600 D. P28,600Step by Step Solution
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