If the gross profit is P5,000 and the net profit is 25% of the gross profit. What are the expenses? a. P3,750 b. P1,250 c. P4,150 d. P6,250

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 6QY: What would be the net income for Floress Catering? a. 45,500 b. 16,800 c. 19,800 d. 10,800
icon
Related questions
Question

If the gross profit is P5,000 and the net profit is 25% of the gross profit. What are the expenses?
a. P3,750
b. P1,250
c. P4,150
d. P6,250

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Computation of Taxable Income
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub