Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data during taxable year: Sales Interest Income, net of 20% final tax Cost of Sales Salary expense Interest expense Rent expense Advertising expense Depreciation expense What is the correct amount of itemized deduction? Deductions1 Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data during taxable year:Sales500,000Interest Income, net of 20% final tax24,000Cost of Sales300,000Salary expense120,00060,000Interest expenseRent expense24,0006,0005,000Advertising expenseDepreciation expenseWhat is the correct amount of itemized deduction?

Itemized deductions are those deductions which can be deducted from the taxable income and help in…

Answered: 1 Nina Corporation, with the total…

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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Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data during taxable year:
	Sales
	Interest Income, net of 20% final tax
	Cost of Sales
	Salary expense
	Interest expense
	Rent expense
	Advertising expense
	Depreciation expense

What is the correct amount of itemized deduction?