F5 Corporation, a domestic corporation had the following data during the calendar year 2020Gross Income, Philippines P10,000,0004,000,000Allowable itemized deductions/expensesDividend income FROM:a) Domestic corporation 1,000,000b) Foreign corporation, 80% of its gross income were derived from the Philippines 1,000,000c) Foreign corporation, 60% of its gross income were derived from the Philippines 800,000d) Foreign corporation, 25% of its gross income were derived from the Philippines 400,00049. The taxable income isa. P9,200,000 c. P8,200,000b. P7,500,000 d. P7,430,000

Calculation of Taxable Income: Gross Income, Philippines = P10,000,000 Less: Allowable Itemized…

Answered: 49. The taxable income is a. P9,200,000…

Business

Accounting

49. The taxable income is a. P9,200,000 c. P8,200,000 b. P7,500,000 d. P7,430,000

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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Question

F5 Corporation, a domestic corporation had the following data during the calendar year 2020
Gross Income, Philippines P10,000,000
4,000,000
Allowable itemized deductions/expenses
Dividend income FROM:
a) Domestic corporation 1,000,000
b) Foreign corporation, 80% of its gross income were derived from the Philippines 1,000,000
c) Foreign corporation, 60% of its gross income were derived from the Philippines 800,000
d) Foreign corporation, 25% of its gross income were derived from the Philippines 400,000
49. The taxable income is
a. P9,200,000 c. P8,200,000
b. P7,500,000 d. P7,430,000

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