1 Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data duri Sales 500,000 Interest Income, net of 20% final tax 24,000 Cost of Sales 300,000 Salary expense 120,000 60,000 Interest expense Rent expense 24,000 6,000 5,000 Advertising expense Depreciation expense What is the correct amount of itemized deduction?
1 Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data duri Sales 500,000 Interest Income, net of 20% final tax 24,000 Cost of Sales 300,000 Salary expense 120,000 60,000 Interest expense Rent expense 24,000 6,000 5,000 Advertising expense Depreciation expense What is the correct amount of itemized deduction?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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 | |
What is the correct amount of itemized deduction? |

Transcribed Image Text:Deductions
1 Nina Corporation, with the total assets of P15,000,000 (MSME), shows the following data during taxable year:
Sales
500,000
Interest Income, net of 20% final tax
24,000
Cost of Sales
300,000
Salary expense
120,000
60,000
Interest expense
Rent expense
24,000
6,000
5,000
Advertising expense
Depreciation expense
What is the correct amount of itemized deduction?
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