SMEs-PROBLEMS-F431 - SMEs PROBLEMS Problem 5 Sales...

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SMEs PROBLEMS Problem 5 Sales 6,700,000 Royalty Revenue 120,000 Cost of Goods Sold 5,100,000 Dividend received from an associate – cost model 25,000 Gain on disposal of property 60,000 Distribution costs 175,000 Administrative expenses (including amortization on goodwill of P2,000) 810,000 Research and development cost (5years) 70,000 Foreign exchange loss on trade payables 30,000 Interest on bank loan and overdraf 20,000 Interest on finance lease 5,000 Current tax expense 270,000 Deferred tax benefit 10,000 Retained Earnings – January 1 2, 100,000 Dividends 150,000 1. What is the profit for year ended December 31, 2015?
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  • Spring '15
  • Revenue, Generally Accepted Accounting Principles, SME, local government property, government property taxes

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