Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of NCIT Rosas Company has the following data for the taxable year, 2018:CanadaPhilippinesin Php.in Php.Gross SalesCost of Salesother IncomeTotal Itemized deductions25,000,000.0072,000,000.0012,500,000.0058,500,000.004,000,000.0010,000,000.0010,250,000.0018,500,000.00In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year,of which source cannot be identified that is, whether from within the Phippines or Canada.

Optional Standard Deduction (OSD): To determine how much a firm spends, the OSD is a simpler…

Answered: Assume Rosas Company is a resident…

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Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of NCIT

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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Question

Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of NCIT

Rosas Company has the following data for the taxable year, 2018:
Canada
Philippines
in Php.
in Php.
Gross Sales
Cost of Sales
other Income
Total Itemized deductions
25,000,000.00
72,000,000.00
12,500,000.00
58,500,000.00
4,000,000.00
10,000,000.00
10,250,000.00
18,500,000.00
In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year,
of which source cannot be identified that is, whether from within the Phippines or Canada.

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