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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Meldy Corporation had the following items of income and expenses during the year:
Gross receipts
P 1,000,000
Cost of services
850,000
Dividends from a domestic company
35,000
General and administrative expenses
120,000
The income tax due on Meldy Corporation is
A. 10,500
B. 9,000
C. 30,000
D. 3,000
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