On January 2021, Mercury Corporation is engaged in the sale of goods and services with net sales and revenue of P9,000,000 and P6,000,000. The actual entertainment, amusement, and recreation expenses for the taxable year totaled P250,000. For income tax purposes, how much is the total deductible entertainment, amusement, and recreation expenses?
On January 2021, Mercury Corporation is engaged in the sale of goods and services with net sales and revenue of P9,000,000 and P6,000,000. The actual entertainment, amusement, and recreation expenses for the taxable year totaled P250,000. For income tax purposes, how much is the total deductible entertainment, amusement, and recreation expenses?
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 24CE
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On January 2021, Mercury Corporation is engaged in the sale of goods and services with net sales and revenue of P9,000,000 and P6,000,000. The actual entertainment, amusement, and recreation expenses for the taxable year totaled P250,000. For income tax purposes, how much is the total deductible entertainment, amusement, and recreation expenses?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT