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TB COMPANY December 31, 2010 Statement of Profit and Loss Sales (net) P1,568,000 Less: Selling Expenses 156,800 Net Sales 1,411,200 Add: Interest Income 18,400 A:

TB COMPANY

    December 31, 2010

   Statement of Profit and Loss

Sales (net)                                                                                                                                          P1,568,000

Less: Selling Expenses                                                                                                                         156,800

Net Sales                                                                                                                                             1,411,200

Add: Interest Income    18,400

A: Gain on sales of equipment 25,600

Gross Revenue 1,455,200

Less: Cost of Operations

                Cost of goods sold P960,800

                `Corrections of overstatement in last

                Years income due to error (net of

                P13,200 income tax credit) 30,800

                Dividend cost (P4 per share for

                8,000 ordinary shares) 32,000

                Loss due to earthquake 33,600                                               1,057,200

Taxable Revenues                                                                                                                               398,000

Less: Income Tax on income from continuing

          Operations                                                                                                                                    99,840

Net Income                                                                                                                                             298,160

Miscellaneous deductions

                Loss from operations of discontinued segment X44

                (net of P7,200 income tax credit)                                              16,800

                Administrative expenses 134,400                      151,200

Net Income                                                                                                                                 P 146,960

Compute for the income from continuing operations for the year ended December 31, 2010?

Compute for the income(loss) from discontinued operations for the year ended December 31, 2010?

The total profit for the year ended December 31, 2010.

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