1. Mr. Buaya, with 14 dependent children, had the following data for his income tax return in 2018:
   
   Sales P490,000
   Gross compensation income 120,000
   Cost of sales 200,000
   Non-taxable compensation 30,000
   Administrative and Selling expenses 120,000
2. Personal expenses 70,000
   
   What is the net income?

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To calculate the net income we need to find the total taxabl... View the full answer