Question: Phi Consulting Expense Type Reported Amount Correct Amount Travel Expenses $150,000 $180,000 Office Supplies $50,000 $60,000 Marketing Expenses $200,000 $220,000 Requirement: Adjust the taxable income

Phi Consulting

Expense Type

Reported Amount

Correct Amount

Travel Expenses

$150,000

$180,000

Office Supplies

$50,000

$60,000

Marketing Expenses

$200,000

$220,000

Requirement: Adjust the taxable income and compute the tax liability assuming a corporate tax rate of 27%. Explain the corrections made.


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