special itemized deductions from gross income?

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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How much is the special itemized deductions from gross income? a. Zero b. 80,000 c. 100,000 d. 180,000
Data of an individual taxpayer for the current taxable period:
Gross sales
Cost of sales
Sales discounts granted (for timely payments)
Discounts granted to senior citizens and PWDs
Incidental income (operating)
Other income (non-operating)
Operating expenses
P3,200,000
1,900,000
100,000
80,000
200,000
150,000
400,000
Transcribed Image Text:Data of an individual taxpayer for the current taxable period: Gross sales Cost of sales Sales discounts granted (for timely payments) Discounts granted to senior citizens and PWDs Incidental income (operating) Other income (non-operating) Operating expenses P3,200,000 1,900,000 100,000 80,000 200,000 150,000 400,000
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