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