MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution 125,000 Delivery expense 425,000 Depreciation - delivery truck Depreciation - office Depreciation - store equipment Dividends paid 60,000 35,000 25,000 450,000 Dividends revenue 50,000 Doubtful accounts 30,000 Income tax 280,000 145,000 10,000 20,000 Freight in Gain on sale of equipment Interest revenue Loss on sale of trading securities Loss from inventory write down Merchandise inventory, January 1 50,000 150,000 1,100,000 Office salaries 950,000 Purchase discounts 45,000 Purchases 4,600,000 Retained earnings, January 1 550,000 Sales 8,750,000 Sales returns and allowances 150,000 Sales salaries 600,000 Store supplies. 150,000 Inventory at year-end was valued at P850,000 (P1,000,000 cost less the P150,000 write down of inventory to net realizable value). MOWGLI Company mad a prior period error by understating depreciation in 2020 by P200,000.
MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution 125,000 Delivery expense 425,000 Depreciation - delivery truck Depreciation - office Depreciation - store equipment Dividends paid 60,000 35,000 25,000 450,000 Dividends revenue 50,000 Doubtful accounts 30,000 Income tax 280,000 145,000 10,000 20,000 Freight in Gain on sale of equipment Interest revenue Loss on sale of trading securities Loss from inventory write down Merchandise inventory, January 1 50,000 150,000 1,100,000 Office salaries 950,000 Purchase discounts 45,000 Purchases 4,600,000 Retained earnings, January 1 550,000 Sales 8,750,000 Sales returns and allowances 150,000 Sales salaries 600,000 Store supplies. 150,000 Inventory at year-end was valued at P850,000 (P1,000,000 cost less the P150,000 write down of inventory to net realizable value). MOWGLI Company mad a prior period error by understating depreciation in 2020 by P200,000.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
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