A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Group of answer choices Php 0 Php 4,000,000 Php 2,400,000 Php 6,000,000
A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Group of answer choices Php 0 Php 4,000,000 Php 2,400,000 Php 6,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
11.
A taxpayer made available the following financial information:
Gross sales - Php 10,000,000
Cost of sales – Php 6,000,000
Expenses:
Salaries and wages – Php 1,000,000
Transportation and travel – Php 20,000
Rental - Php 240,000
Representation expense – Php 200,000
Depreciation expense – Php 200,000
Office supplies – Php 20,000
Miscellaneous expenses – Php 10,000
How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD?
Group of answer choices
Php 0
Php 4,000,000
Php 2,400,000
Php 6,000,000
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