A. P559,000B. P265,000C. P260,200D. P259,000 Mr. Sanchez, a sole proprietor, shows the following:SalesP800,000Interest income, net of final tax24,000Cost of sales300,000Salary expense120,000Interest expense60,000Rent expense24,000Advertising expense6,000Depreciation expense5,000NOLCO50,000How much is the total allowable deductions from gross income?

Name: A. P559,000B. P265,000C. P260,200D. P259,000 Mr. Sanchez, a sole propr
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Description: A. P559,000B. P265,000C. P260,200D. P259,000 Mr. Sanchez, a sole proprietor, shows the following:SalesP800,000Interest income, net of final tax24,000Cost of sales300,000Salary expense120,000Interest expense60,000Rent expense24,000Advertising expense6

Working: Allowable deductions from Gross income: →Salary expense →Interest expense →Rent expense…

Answered: es erest income, net of final st of…

Business

Accounting

es erest income, net of final st of sales

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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