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Classify the items for deduction in the following scenarios. 2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Rent Expense 24,000 Advertising Expense Interest Income, net of 20% final tax Cost of Sales 300,000 Depreciation Expense Salary Expense 120,000 NOLCO Interest Expense 60,000 Compute for the total itemized deduction. P 24,000 6,000 5,000 50,000

Classify the items for deduction in the following scenarios. 2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Rent Expense 24,000 Advertising Expense Interest Income, net of 20% final tax Cost of Sales 300,000 Depreciation Expense Salary Expense 120,000 NOLCO Interest Expense 60,000 Compute for the total itemized deduction. P 24,000 6,000 5,000 50,000

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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Deductions from Gross Income Classify the items for deduction in the following scenarios. 2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Rent Expense Advertising Expense Interest Income, net of 20% final tax Cost of Sales 24,000 300,000 Depreciation Expense Salary Expense 120,000 NOLCO Interest Expense 60,000 Compute for the total itemized deduction. 3. A Domestic Corporation has the following data on income and expenses: Gross business income Deductions including SSS and PhilHealth contributions of P150,000 Contributions to the government for priority project in education Contributions to foreign private foundation Contributions to domestic charitable organization Compute for the deductible charitable and other contributions. P 24,000 6,000 5,000 50,000 P 6.200.000 2.500.000 100,000 100,000 190,000 2
Transcribed Image Text:Deductions from Gross Income Classify the items for deduction in the following scenarios. 2. Debtor Corporation shows the following data during taxable year: Sales P 500,000 Rent Expense Advertising Expense Interest Income, net of 20% final tax Cost of Sales 24,000 300,000 Depreciation Expense Salary Expense 120,000 NOLCO Interest Expense 60,000 Compute for the total itemized deduction. 3. A Domestic Corporation has the following data on income and expenses: Gross business income Deductions including SSS and PhilHealth contributions of P150,000 Contributions to the government for priority project in education Contributions to foreign private foundation Contributions to domestic charitable organization Compute for the deductible charitable and other contributions. P 24,000 6,000 5,000 50,000 P 6.200.000 2.500.000 100,000 100,000 190,000 2
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