Maria reports the following transactions Gross sales-840,000; sales discount-25,000; cost of sales-250,000; operationg expenses-190,000; interest income on bank deposit-10,000 What is the net taxable income? P565,000 P400,000 P385,000 P375,000 what is the taxable income? P565,000 P400,000 P385,000 P375,000

Mr. A provided you with the following information during the taxable year. a. P 144,400       b. P 250,000       c. P114,000       d. P 226,900       e. Answer not given

How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise

7. Debbie Company reported collections from customers of P6,000,000 for the year ended December 31, 2020. Additional information follows:     12/31/2019 12/31/2020 Accounts receivable P1,000,000 P3,000,000 Allowance for doubtful accounts ( 100,000) (150,000)   Debbie wrote off uncollectible accounts totaling P500,000 during 2020. Under accrual basis, Debbie would report 2020 sales of Group of answer choices P4,500,000 P8,000,000 P8,550,000 P8,500,000

Hw.52.

A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss 50,000 Interest income on bank deposit 10,000 Capital gains (Assets held for 6 months) 20,000 Capital gains (Assets held for 3 years) Capital loss (Assets held for 7 months) 30,000 40,000 Determine the amount of taxable net income.

For income tax purposes, what is the amount of gross income given the following amounts?   Gross sales                                                  4,000,000.00   Sales discounts, returns and allowances      100,000.00   Cost of sales                                                1,500,000.00   Itemized deductions                                      800,000.00  Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00

How much is the gross income under cash basis?    A. 2019:P1,400,000; 2020: P1,720,000 B. 2019: P1,370,000; 2020: P1,050,000 C. 2019: P1,100,000; 2020: P1,050,000 D. 2019: P900,000; 2020: P1,520,000

The government of Lesotho charges 10% on income up to M75 000 plus 16% any amount over M70 000 up M300 000 and 26% of any amount over M300 000. Express the above as a tax function. Find the income tax for an income of M125 000. Compute the income tax of an income of M350 000.

How much is the net taxable income using itemized deductions? a. 1,070,000 b. 1,550,000 c. 1,550,000 d. 2,000,000