3 35. LTE Corporation, a domestic corporation engaged in the manufacture of ready-to-wearclothes, had the following data during the taxable year:Gross salesCost of sales (direct labor,P5.4 M)Operating expensesLabor training expensesP 30,000,00018,000,000The training expenses were incurred for skills development of enterprise basedtrainees in public higher education institutions covered by apprenticeship underthe Labor Code, with Certification from TESDA.How much is the taxable total allowable deductions from gross income?A. 5,250,000B. 5,040,000C. 4,750,000D. 4,250,00036. The following interest payments were made by an individual income taxpayer in 2022:Interest on loan from BDO used to financea businessInterest on loan from Pag-Ibig to buildresidenceThe deductible amount of interest isA. 80,000B. 82,500C. 175,000D. 221, 5004,500,000500,000Interest on loan obtained from brotherand used in businessInterest on loan from BPI used to buycomputer equipment in the officeInterest for late payment of value-addedtaxInterest on purchase price of residentiallot bought on installmentsInterest payment on a debt which hasprescribedDEOP 50,000100,00025,00030,0002,5002,00012,000

Tax Deductions: The amount of money that one is able to subtract from their taxable earnings in…

35. LTE Corporation, a domestic corporation engaged in the manufacture of re clothes, had the following data during the taxable year: Gross sales Cost of sales (direct labor, P5.4 M) Operating expenses Labor training expenses A. 5,250,000 B. 5,040,000 P 30,000,000 18,000,000 The training expenses were incurred for skills development of enterprise based trainees in public higher education institutions covered by apprenticeship under the Labor Code, with Certification from TESDA. How much is the taxable total allowable deductions from gross income? C. 4,750,000 D. 4,250,000 4,500,000 500,000

35. LTE Corporation, a domestic corporation engaged in the manufacture of re clothes, had the following data during the taxable year: Gross sales Cost of sales (direct labor, P5.4 M) Operating expenses Labor training expenses A. 5,250,000 B. 5,040,000 P 30,000,000 18,000,000 The training expenses were incurred for skills development of enterprise based trainees in public higher education institutions covered by apprenticeship under the Labor Code, with Certification from TESDA. How much is the taxable total allowable deductions from gross income? C. 4,750,000 D. 4,250,000 4,500,000 500,000

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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