Exercise Drill No. 4 The income statement of a taxpayer sales, net of returns, allowances and...

Transcribed Image Text:

Exercise Drill No. 4 The income statement of a taxpayer sales, net of returns, allowances and discounts Less : Cost of Sales Gross income from operations Add: other income machinery Gain on sale of Gain on sale of domestic stocks Total gross income Less : Deductions Net income Required: Compute the optional 1. An individual taxpayer 2. A corporate taxpayer which opted for OSD is disclosed P 100,000 92,000 P 5,000,000 3,000,000 P 2,000,000 192, 000 P 2,192,000 1,300,000 892,000 P as follows : standard deductions assuming the taxpayer is: Exercise Drill No. 4 The income statement of a taxpayer sales, net of returns, allowances and discounts Less : Cost of Sales Gross income from operations Add: other income machinery Gain on sale of Gain on sale of domestic stocks Total gross income Less : Deductions Net income Required: Compute the optional 1. An individual taxpayer 2. A corporate taxpayer which opted for OSD is disclosed P 100,000 92,000 P 5,000,000 3,000,000 P 2,000,000 192, 000 P 2,192,000 1,300,000 892,000 P as follows : standard deductions assuming the taxpayer is:

Answer rating: 100% (QA)

1 Revenues Sales net of returns allowances and discounts This is the total income from sales after a... View the full answer