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Rosas Company has the following data for the taxable year, 2018: Gross Sales Cost of Sales Philippines in Php. 25,000,000.00 12,500,000.00 Other Income Total Itemized deductions 4,000,000.00 10,250,000.00 Canada in Php. 72,000,000.00 58,500,000.00 10,000,000.00 18,500,000.00 In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year, of which source cannot be identified that is, whether from within the Phippines or Canada.

Rosas Company has the following data for the taxable year, 2018: Gross Sales Cost of Sales Philippines in Php. 25,000,000.00 12,500,000.00 Other Income Total Itemized deductions 4,000,000.00 10,250,000.00 Canada in Php. 72,000,000.00 58,500,000.00 10,000,000.00 18,500,000.00 In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year, of which source cannot be identified that is, whether from within the Phippines or Canada.

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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5. Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of OSD to be used to arrive at Net Income before tax.
Rosas Company has the following data for the taxable year, 2018: Canada Philippines in Php. in Php. Gross Sales Cost of Sales other Income Total Itemized deductions 25,000,000.00 72,000,000.00 12,500,000.00 58,500,000.00 4,000,000.00 10,000,000.00 10,250,000.00 18,500,000.00 In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year, of which source cannot be identified that is, whether from within the Phippines or Canada.
Transcribed Image Text:Rosas Company has the following data for the taxable year, 2018: Canada Philippines in Php. in Php. Gross Sales Cost of Sales other Income Total Itemized deductions 25,000,000.00 72,000,000.00 12,500,000.00 58,500,000.00 4,000,000.00 10,000,000.00 10,250,000.00 18,500,000.00 In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year, of which source cannot be identified that is, whether from within the Phippines or Canada.
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