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67. Wendy Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables - P120,000; Using cash basis, compute the total income subject to income tax. *

67. Wendy Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables - P120,000; Using cash basis, compute the total income subject to income tax. *

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Hi kindly help me with these taxation problems, thanks in advance!

67. Wendy Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned-P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; Using cash basis, compute the total income subject to income tax. Your answer 68. Yeri Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; Using Accrual Basis, compute the total income subject to income tax. * Your answer 69. Irene sold his stocks in Seulgi Corporation (domestic corporation) to a foreign investor at a gain of P800,000. The foreign investor is a corporation abroad which is not registered as doing business in the Philippines. How much of Irene's income is considered as coming from Philippine source? * Your answer
Transcribed Image Text:67. Wendy Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned-P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; Using cash basis, compute the total income subject to income tax. Your answer 68. Yeri Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; Using Accrual Basis, compute the total income subject to income tax. * Your answer 69. Irene sold his stocks in Seulgi Corporation (domestic corporation) to a foreign investor at a gain of P800,000. The foreign investor is a corporation abroad which is not registered as doing business in the Philippines. How much of Irene's income is considered as coming from Philippine source? * Your answer
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