Homework Help is Here – Start Your Trial Now!
Business
Accounting
. The following information is available from the records of X, Corporation: Year 1 Income(loss)before bad debts write off and recovery P100,000 Bad debts write off P25,000 Year 2 Income(loss)before bad debts write off and recovery (P20,000) Bad debts write off P10,000 Previous year’s write off, recover this year P30,000 Year 3 Income(loss)before bad debts write off and recovery P50,000 Bad debts write off P5,000 Previous year’s write off, recover this year P8,000 For year 3 the total taxable income should be?

. The following information is available from the records of X, Corporation: Year 1 Income(loss)before bad debts write off and recovery P100,000 Bad debts write off P25,000 Year 2 Income(loss)before bad debts write off and recovery (P20,000) Bad debts write off P10,000 Previous year’s write off, recover this year P30,000 Year 3 Income(loss)before bad debts write off and recovery P50,000 Bad debts write off P5,000 Previous year’s write off, recover this year P8,000 For year 3 the total taxable income should be?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

1. The following information is available from the records of X, Corporation:

Year 1
Income(loss)before bad debts write off and recovery P100,000
Bad debts write off P25,000


Year 2
Income(loss)before bad debts write off and recovery (P20,000)
Bad debts write off P10,000
Previous year’s write off, recover this year P30,000


Year 3
Income(loss)before bad debts write off and recovery P50,000
Bad debts write off P5,000
Previous year’s write off, recover this year P8,000


For year 3 the total taxable income should be?

Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Liquidation of Companies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS