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. The GROSS INCOME is: 1. . • The TAXABLE INCOME (LOSS) is: 2. • The INCOME TAX DUE AND . PAYABLE is: 3.

. The GROSS INCOME is: 1. . • The TAXABLE INCOME (LOSS) is: 2. • The INCOME TAX DUE AND . PAYABLE is: 3.

FINANCIAL ACCOUNTING
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 7 ABC Inc., registered with BIR in 2X12, has the following data for the year 2X18: Gross receipts P1,150,000 Discounts and 250,000 allowances Salaries of personnel directly 300,000 involved in rendering service Salaries of administrative 100,000 personnel Fees of consultants directly 50,000 involved in rendering service Rental of equipment used in 70,000 rendering service Rental of office space for use of 50,000 administrative personnel Other operating 420,000 expenses • The GROSS INCOME is: 1. • The TAXABLE INCOME (LOSS) is: 2. • The INCOME TAX DUE AND PAYABLE is: 3. 4
Transcribed Image Text:Question 7 ABC Inc., registered with BIR in 2X12, has the following data for the year 2X18: Gross receipts P1,150,000 Discounts and 250,000 allowances Salaries of personnel directly 300,000 involved in rendering service Salaries of administrative 100,000 personnel Fees of consultants directly 50,000 involved in rendering service Rental of equipment used in 70,000 rendering service Rental of office space for use of 50,000 administrative personnel Other operating 420,000 expenses • The GROSS INCOME is: 1. • The TAXABLE INCOME (LOSS) is: 2. • The INCOME TAX DUE AND PAYABLE is: 3. 4
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