Assuming Mr. X opted to be taxed at 8% tax under the train law. The income tax due is?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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45. 

Your client, Mr. X, showed you the following data:

Compensation Income, P900,000

Gross Sales, P2,800,000

Cost of Sales, 1,500,000

Operating Expenses, P750,000

Out of the operating expenses, there was P50,000 traced as questionable and unliquidated. 

 

Assuming Mr. X opted to be taxed at 8% tax under the train law. The income tax due is?

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