TV 10, a service business had the following information for the year 2018: Service Revenue – accruing for current year P 1,000,000 Collections during the year: For service income – last year 300,000 For service income – current year 800,000 For service income – next year 100,000 Expenses actually incurred during the year 500,000 Expenses paid during the year 600,000 How much is the taxable income?
TV 10, a service business had the following information for the year 2018: Service Revenue – accruing for current year P 1,000,000 Collections during the year: For service income – last year 300,000 For service income – current year 800,000 For service income – next year 100,000 Expenses actually incurred during the year 500,000 Expenses paid during the year 600,000 How much is the taxable income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TV 10, a service business had the following information for the year 2018:
| Service Revenue – accruing for current year | P 1,000,000 |
|
Collections during the year: |
|
| For service income – last year | 300,000 |
| For service income – current year | 800,000 |
| For service income – next year | 100,000 |
| Expenses actually incurred during the year | 500,000 |
| Expenses paid during the year | 600,000 |
How much is the taxable income?
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