What is the taxable income if the taxpayer had chosen itemizeddeduction? *A domestic corporation had the following data for 2002, the accumulated earnings for which year theBureau of Internal Revenue considered to be improper:SalesCost of salesBusiness expenseInterest on Philippine currency bank depositCapital gain on sale directly to buyer of shares of domesticcorporationDividend income from domestic corporationDividend declared and paid during the yearP6,000,0002,000,0001,000,00050,000120,00060,000500,000

Calculation of taxable Income of Domestic Corporation

What is the taxable income if the taxpayer had chosen itemized deduction? A domestic corporation had the following data for 2002, the accumulated earnings for which year Bureau of Internal Revenue considered to be improper: Sales Cost of sales P6,000,000 2,000,000 1,000,000 50,000 Business expense Interest on Philippine currency bank deposit Capital gain on sale directly to buyer of shares of domestic corporation Dividend income from domestic corporation 120,000 60,000

What is the taxable income if the taxpayer had chosen itemized deduction? A domestic corporation had the following data for 2002, the accumulated earnings for which year Bureau of Internal Revenue considered to be improper: Sales Cost of sales P6,000,000 2,000,000 1,000,000 50,000 Business expense Interest on Philippine currency bank deposit Capital gain on sale directly to buyer of shares of domestic corporation Dividend income from domestic corporation 120,000 60,000

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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