A resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without r
A resident corporation has the following data on income and expenses in 2018:
Gross sales ₱ 935,000
Sales returns and allowances 25,000
Sales discounts 10,000
Interest income on trade notes receivable 15,000
Cost of sales 400,000
Operating expenses with receipts 215,000
Operating expenses without receipts 200,000
How much is the taxable income using itemized deduction?
a. ₱100,000
b. ₱300,000
c. ₱309,000
d. ₱349,000
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