Nicole Company has a branch in Boracay established on April 1, 2018. During the year 2018, the
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Nicole Company has a branch in Boracay established on April 1, 2018. During the year 2018, the home office shipped merchandise to the branch at billed value of P125,000 which was 25% above cost. At the end of the year, the branch reported sales of P200,000, operating expenses of P95,000, and a net income from the operation of P15,000. The true income of the branch was
15,000
25,000
18,000
33,000
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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