The income statement of X Corporation prepared under GAAP rules is as follows: Sales Less: Cost...
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The income statement of X Corporation prepared under GAAP rules is as follows: Sales Less: Cost of Sales Gross profit Less: Operating expenses: Salaries Deprecation Supplies Bad debts (percent of accounts receivable) Interest expense Operating Income Add: Other Revenues: Interest Income, net of tax Cash dividend (domestic) Income before other expenses Less: Losses in investment in securities Net income before tax Required: P1,000,000 300,000 200,000 100,000 50.000 P 32,000 68,000 Determine the correct amount of the following: 1. Reportable income per ITR 2. Net taxable income per ITR 3. Final withholding tax paid P10,000,000 6,000,000 P 4,000.000 1.650.000 P2,350,000 100,000 P2,450,000 250,000 P2,200,000 The income statement of X Corporation prepared under GAAP rules is as follows: Sales Less: Cost of Sales Gross profit Less: Operating expenses: Salaries Deprecation Supplies Bad debts (percent of accounts receivable) Interest expense Operating Income Add: Other Revenues: Interest Income, net of tax Cash dividend (domestic) Income before other expenses Less: Losses in investment in securities Net income before tax Required: P1,000,000 300,000 200,000 100,000 50.000 P 32,000 68,000 Determine the correct amount of the following: 1. Reportable income per ITR 2. Net taxable income per ITR 3. Final withholding tax paid P10,000,000 6,000,000 P 4,000.000 1.650.000 P2,350,000 100,000 P2,450,000 250,000 P2,200,000
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1 Reportable Income per ITR Reportable income for the Income Tax Return ITR is calculated based on t... 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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