(Answered) Question i the following data were taken from the financial

Accounting

Question: I. The following data were taken from the financial statements of TUV Company as of December 31, 2010:

1. Sales P5,000,000

2. Selling expenses 360,000

3. Administrative expenses 120,000

4. Cost of Goods Sold/Cost of Sales 3,500,000

5. Interest Expense 60,000

6. Income tax 20%

7. Gross profit 46500000

8. Profit before tax ?

9. Profit for the period ?

REQUIRED: Supply the missing amounts and prepare a classified income statement for the year ended December 31, 2010

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