NO PRESSURE Company is a domestic corporation engaged in the merchandising business. For the calendar year, 2018, it had a net income per books of Php 500,000, after considering, among others, the following:

Dividend received from a domestic corporation	Php 30,000
Provision for doubtful accounts	10,000
Dividend received from a foreign corporation	20,000
Portion of Php 150,000 advance rental already earned	100,000
Recovery of receivables previously written off (included as part of book net income) - Previously allowed by the BIR as deduction   - Previously disallowed by the BIR as deduction	10,000 30,000
Refund of deductible taxes (included as part of book net income) - Previously allowed by the BIR as deduction   - Previously disallowed by the BIR as deduction	25,000 15,000
Bank interest income - Philippine bank   - USA bank	80,000 100,000

 

The taxable net income is?

Answer rating: 100% (QA)

To calculate the taxable net income of NO PRESSURE Company we need to adjust the book net income by ... View the full answer