Paltel Corporation records in their income statement of 2016 that the entertainment expense is 500,000 NIS where their gross income for the same year is 50 million NIS. According to Palestinian Income tax law 8/2011, Paltel can record as an entertainment expense: write the answer stepsa) 500,000 NIS.b) 300,000 NIS.c) 150,000 NIS. d) 1,000,000 NIS.

Firm has to make various expenses in business. Some of them are exempt from tax up to the certain…

Answered: Paltel Corporation records in their…

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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Paltel Corporation records in their income statement of 2016 that the entertainment expense is 500,000 NIS where their gross income for the same year is 50 million NIS. According to Palestinian Income tax law 8/2011, Paltel can record as an entertainment expense: write the answer steps

a) 500,000 NIS.

b) 300,000 NIS.

c) 150,000 NIS.

d) 1,000,000 NIS.

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