PHILIPPINES A Domestic Corporation has the following data on income and expenses:Gross business income6.200,000Operating expenses including SSS and Philhealth contributions of 150,00O2,500,000Contributions to government for priority project in education110,000Contributions to a foreign private foundation100,000Contribution to a domestic charitable organization190,000Determine the total amount of deductible charitable and other contributions.

Answered: usiness income ng expenses including…

usiness income ng expenses including SSS and Philhealt utions to government for priority project utions to a foreign private foundation ution to a domestic charitable organizati

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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Question

PHILIPPINES

A Domestic Corporation has the following data on income and expenses:
Gross business income
6.200,000
Operating expenses including SSS and Philhealth contributions of 150,00O
2,500,000
Contributions to government for priority project in education
110,000
Contributions to a foreign private foundation
100,000
Contribution to a domestic charitable organization
190,000
Determine the total amount of deductible charitable and other contributions.

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