1. How much is the additional allowable training expenses, if any?2. How much is the taxable net income of the company? DDD Corporation, a domestic manufacturing corporation, had gross sales ofP100,000,000 for fiscal year ending June 30, 2021 and incurred cost of sales ofP60,000,000 and cost of sales of P17,500,000 with the following details:Cost of salesDirect materialsP30,000,000Direct labor20,000,000Manufacturing10,000,000overheadOperatingexpensesSalaries and wagesP7,000,000Таxes300,000Depreciation3,500,000Professional fees200,000Advertising3,000,000expenseTraining expenses3,000,000Office supplies500,000

Taxable income of the company is the income which the company has earned during the year from the…

Answered: 1. How much is the additional allowable…

1. How much is the additional allowable training expenses, if any? 2. How much is the taxable net income of the company?

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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Question

1. How much is the additional allowable training expenses, if any?
2. How much is the taxable net income of the company?

DDD Corporation, a domestic manufacturing corporation, had gross sales of
P100,000,000 for fiscal year ending June 30, 2021 and incurred cost of sales of
P60,000,000 and cost of sales of P17,500,000 with the following details:
Cost of sales
Direct materials
P30,000,000
Direct labor
20,000,000
Manufacturing
10,000,000
overhead
Operating
expenses
Salaries and wages
P7,000,000
Таxes
300,000
Depreciation
3,500,000
Professional fees
200,000
Advertising
3,000,000
expense
Training expenses
3,000,000
Office supplies
500,000

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