A Corp., a domestic corporation, has the following data in 2022: Gross receipts from services, P800,000 Cost of services, P200,000 Long term capital gain, P15,000 Short term
A Corp., a domestic corporation, has the following data in 2022: Gross receipts from services, P800,000 Cost of services, P200,000 Long term capital gain, P15,000 Short term
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 1BCRQ
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Question
A Corp., a domestic corporation, has the following data in 2022:
Gross receipts from services, P800,000
Cost of services, P200,000
Long term
Short term capital loss, P5,000
Dividend from a domestic corporation, P15,000
Interest income from bank deposits, P10,000
Operating expenses, P120,000
Compute the optional standard deduction.
a. P366,000
b. P364,500
c. P280,000
d. P244,000
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