of P20,000,000 and operating expenses of P2,000,000, inclusive of representation expense amounting to P300,000 with proper documentation
of P20,000,000 and operating expenses of P2,000,000, inclusive of representation expense amounting to P300,000 with proper documentation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
During the year, Blue Corporation has gross sales of P20,000,000 and operating expenses of P2,000,000, inclusive of representation expense amounting to P300,000 with proper documentation.
How much is the allowable regular itemized deductions?
A.P2,000,000
B.P1,500,000
C.P1,900,000
D.P1,700,000
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