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2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Interest Income, net of 20% final tax Cost of Sales 24,000 300,000 Salary Expense 120,000 Interest Expense 60,000 Compute for the total itemized deduction. Rent Expense Advertising Expense Depreciation Expense NOLCO P 24,000 6,000 5,000 50,000

2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Interest Income, net of 20% final tax Cost of Sales 24,000 300,000 Salary Expense 120,000 Interest Expense 60,000 Compute for the total itemized deduction. Rent Expense Advertising Expense Depreciation Expense NOLCO P 24,000 6,000 5,000 50,000

FINANCIAL ACCOUNTING
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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Deductions from Gross Income Classify the items for deduction in the following scenarios. 2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Interest Income, net of 20% final tax Cost of Sales 24,000 300,000 Salary Expense 120,000 Interest Expense 60,000 Compute for the total itemized deduction. Rent Expense Advertising Expense Depreciation Expense NOLCO P 24,000 6,000 5,000 50,000
Transcribed Image Text:Deductions from Gross Income Classify the items for deduction in the following scenarios. 2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Interest Income, net of 20% final tax Cost of Sales 24,000 300,000 Salary Expense 120,000 Interest Expense 60,000 Compute for the total itemized deduction. Rent Expense Advertising Expense Depreciation Expense NOLCO P 24,000 6,000 5,000 50,000
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