An individual taxpayer who is using the accrual basis in his manufacturing business reported the following...
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An individual taxpayer who is using the accrual basis in his manufacturing business reported the following results of operations in the preceding year: Sales, net of returns, and discounts Cost of sales Dividend income, net of final tax Business expenses Gain on sale of old equipment Sale of scrap metals Interest income on employee advances Gain on Sale of domestic stocks directly to a buyer P 6,000,000 2,700,000 54,000 2,400,000 150,000 300,000 67,500 10,000 1. Use the data above to generate the reporting format for Individuals Engaged in Business or Profession. 2. Assume the same data except that the taxpayer is a corporation, generate the reporting format for Corporate Taxpayers. An individual taxpayer who is using the accrual basis in his manufacturing business reported the following results of operations in the preceding year: Sales, net of returns, and discounts Cost of sales Dividend income, net of final tax Business expenses Gain on sale of old equipment Sale of scrap metals Interest income on employee advances Gain on Sale of domestic stocks directly to a buyer P 6,000,000 2,700,000 54,000 2,400,000 150,000 300,000 67,500 10,000 1. Use the data above to generate the reporting format for Individuals Engaged in Business or Profession. 2. Assume the same data except that the taxpayer is a corporation, generate the reporting format for Corporate Taxpayers.
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Reporting Format for Individuals Engaged in Business or Profession Sales Net of Returns and Discount... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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