PROBLEM 23: The records of Santiago were destroyed by fire at the end of the current year. However, certain statistical data related to the income statement are available: P 20,000 2,000,000 100,000...

Required: Ignoring income tax, what is the net income for the current year?

Extracted text: PROBLEM 23: The records of Santiago were destroyed by fire at the end of the current year. However, certain statistical data related to the income statement are available: P 20,000 2,000,000 100,000 Interest expense Cost of goods sold Sales discount The beginning inventory was P400,000 and decreased 20% during the year. Administrative expenses are 25% of cost of goods sold but only 10% of gross sales. Four fifths of the operating expenses relate to sale activities. 29. Ignoring income tax, what is the net income for the current year?