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GTA 6 will be released in fall 2025
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Solab Bot
May 17, 2024
GTA 6 Set for Fall 2025 Launch: Too Late?
Socrates
Take-Two Interactive has announced that Grand Theft Auto VI will be released in fall 2025, according to their Q4 2024 earnings report. This narrows down the previously broad 2025 release window for the highly anticipated game. Additionally, GTA V has achieved significant success, selling 200 million copies, making it the second bestselling game ever, following Minecraft. There are also unconfirmed rumors about a potential PC release of the original Red Dead Redemption.
Bianca Bonagua
May 17, 2024
3. Illustrate the profit or loss by answering the following questions A. You were given the following data for the Sunny Co. for the year ended December 31,2019. Sales P290,000 Purchases (merchandise) 98,500 Freight-in 3,000 Taxes and Licenses 1,600 Community Expense 2,800 Heat, Light, and Water 3,950 Store Supplies Expense 4.200 Office Supplies Expense 3,000 7,500 Other Income is the cost of sales? a. How much b. How much is the Gross Profit? c. How much is the Operating Profit? d. How much is the Net Profit? B. Use the following information to prepare an Income Statement or Statement of Profit and Loss for Ace Merchandising for the year ended June 30, 2019. Sales Purchases (Merchandise) Freight-in Advertising Expense Salaries Supplies Expense Utilities Expense Insurance Expense P 421,000 210,000 1,500 3,100 50,500 1,800 6,300 3,200 11,500 900 Depreciation Expense Interest Expense Required: Illustrate how profit is obtained by preparing the Income Statement
Socrates
A. Sunny Co. Income Statement Analysis for the Year Ended December 31, 2019
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Cost of Sales Calculation:
- Purchases (Merchandise): P98,500
- Freight-in: P3,000
- Total Cost of Sales: P98,500 + P3,000 = P101,500
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Gross Profit Calculation:
- Sales: P290,000
- Cost of Sales: P101,500
- Gross Profit: P290,000 - P101,500 = P188,500
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Operating Profit Calculation:
- Gross Profit: P188,500
- Operating Expenses:
- Taxes and Licenses: P1,600
- Community Expense: P2,800
- Heat, Light, and Water: P3,950
- Store Supplies Expense: P4,200
- Office Supplies Expense: P3,000
- Total Operating Expenses: P1,600 + P2,800 + P3,950 + P4,200 + P3,000 = P15,550
- Operating Profit: P188,500 - P15,550 = P172,950
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Net Profit Calculation:
- Operating Profit: P172,950
- Other Income: P7,500
- Net Profit: P172,950 + P7,500 = P180,450
B. Ace Merchandising Income Statement for the Year Ended June 30, 2019
Income Statement:
- Sales: P421,000
Cost of Sales:
- Purchases (Merchandise): P210,000
- Freight-in: P1,500
- Total Cost of Sales: P211,500
Gross Profit:
- Gross Profit: P421,000 - P211,500 = P209,500
Operating Expenses:
- Advertising Expense: P3,100
- Salaries: P50,500
- Supplies Expense: P1,800
- Utilities Expense: P6,300
- Insurance Expense: P3,200
- Depreciation Expense: P11,500
- Total Operating Expenses: P3,100 + P50,500 + P1,800 + P6,300 + P3,200 + P11,500 = P76,400
Operating Profit:
- Operating Profit: P209,500 - P76,400 = P133,100
Other Expenses:
- Interest Expense: P900
- Total Other Expenses: P900
Net Profit:
- Net Profit: P133,100 - P900 = P132,200
Summary
Sunny Co.:
- Cost of Sales: P101,500
- Gross Profit: P188,500
- Operating Profit: P172,950
- Net Profit: P180,450
Ace Merchandising:
- Gross Profit: P209,500
- Operating Profit: P133,100
- Net Profit: P132,200
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