A person cannot be allowed to deductSelect the correct response:OBad debts which have been ascertained to be worthless as it is very difficult to collect and the debtorhas no more leviable propertiesBusiness expenses sustained in a transaction between related partiesLosses incurred not compensated for by insuranceInterest expense incurred during the taxable year Below is a snip from the Financial Statement of Angat Bunay Corporation for 2019:Philippines:Sales 3,000,000Sales Discount 500,000Cost of Sales 1, 200,000Operating Expenses 700,000Interest Income on Bank Deposits 60,000Japan:Gross Income 1,000,000Business Expenses 700,000Assuming the corporation already operated for more than 4 years. How much will be its tax due?Select the correct response:180,00046,000270,000390,000

A person cannot be allowed to deduct Select the correct response O Bed debts which have been ascertained to be worthless as it is very difficult to collect and the debtor nas no more leviable properties Business expenses sustained in a transaction between related parties Losses incurred not compensated for by insurance Interest expense incurred during the taxable year

A person cannot be allowed to deduct Select the correct response O Bed debts which have been ascertained to be worthless as it is very difficult to collect and the debtor nas no more leviable properties Business expenses sustained in a transaction between related parties Losses incurred not compensated for by insurance Interest expense incurred during the taxable year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
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A resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without receipts 200,000 How much is the taxable income using itemized deduction? a. ₱100,000 b. ₱300,000 c. ₱309,000 d. ₱349,000 ANSWER:
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