How much is the Net Sales for the third quarter?

How much is the cost of goods sold for the third quarter?

How much is the operating expenses for the third quarter?

How much is the Income Tax Expense for the third quarter?

How much is the discontinued operation income (loss) for the third quarter?

PROBLEM 1. The income statement of Angel Company for the year ended December 31, 2017 shows the following: Sales 39,000,000 Cost of goods sold (Ell) Gross profit 33,400,000 Operating expenses (ing!) Operating income 32,440,000 Gain on sale of equipment in Profit from continuing operations before income tax 32,720,000 Income tax .t,u Profit from continuing operations after income tax 31,768,000 Discontinued operations. net of income tax savings of P4551300 _( 345,000) Profit for the period P 923,000 The tax rate is 35%. Third quarter sales were 30% of total sales. For interim reporting purposes. a gross prot rate of 38% can bejustified. Variable operating expenses are allocated based on the same basis as sales. while xed operating expenses are allocated based on the expiration oftime. 0f the total operating expenses, P600.UUU relate to variable expenses. The equipment was sold on June 1, 2017. A segment was discontinued during the third quarter. Assume that revenue and expenses of this discontinued segment were earned and incurred evenly during the first three quarters. The gain on sale of equipment is related to the discontinued operations. (1' his will be used for the next four questions)