Suppose the Tax Code is "Percetage Tax - 3% of Sales", the presented income statement is correct. False; date or business name error   True   False; Calculation error   False; this is a cashflow

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
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Chapter12: Current Liabilities
Section: Chapter Questions
Problem 6EA: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells...
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Suppose the Tax Code is "Percetage Tax - 3% of Sales", the presented income statement is correct.

    1. False; date or business name error

       
    2. True

       
    3. False; Calculation error

       
    4. False; this is a cashflow

       
Gulay ni Marites Vegetables Shop
Income Statement
For the year ended Dec 31, 2022
Net Sales
970,200.00
COGS
(540,600.00)
Gross Income
429,600.00
ОРЕХ
(120,000.00)
Net Income before Tax
309,600.00
Tax Paid (3% of Sales)
(29,106.00)
Net Income After Tax
280,494.00
Suppose the Tax Code is "Percetage Tax - 3% of Sales", the presented income statement is correct.
A False; date or business name error
в) True
False; Calculation error
D False; this is a cashflow
Transcribed Image Text:Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales 970,200.00 COGS (540,600.00) Gross Income 429,600.00 ОРЕХ (120,000.00) Net Income before Tax 309,600.00 Tax Paid (3% of Sales) (29,106.00) Net Income After Tax 280,494.00 Suppose the Tax Code is "Percetage Tax - 3% of Sales", the presented income statement is correct. A False; date or business name error в) True False; Calculation error D False; this is a cashflow
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