Assume that it is a domestic corporation using itemized deduction, compute the net taxable income Rosas Company has the following data for the taxable year, 2018:CanadaPhilippinesin Php.in Php.Gross SalesCost of Salesother IncomeTotal Itemized deductions25,000,000.0072,000,000.0012,500,000.0058,500,000.004,000,000.0010,000,000.0010,250,000.0018,500,000.00In 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.

The net taxable income can be defined as the total income of an entity on which tax is levied by the…

Rosas Company has the following data for the taxable year, 2018: Philippines in Php. Gross Sales Cost of Sales Other Income Total Itemized deductions 25,000,000.00 12,500,000.00 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: Philippines in Php. Gross Sales Cost of Sales Other Income Total Itemized deductions 25,000,000.00 12,500,000.00 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

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Assume that it is a domestic corporation using itemized deduction, compute the net taxable income

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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