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Compute the total income subject to income tax

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Problem 1: Wendy Corp. reported the following data for 2019. Total net sales - P4,000,000; Goods purchased - P2,400,000; Beginning Inventory - P400,000; Ending Inventory - P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables - P120,000; Using cash basis, compute the total income subject to income tax.

Problem 2: Yeri Corp. reported the following data for 2019. Total net sales - P4,000,000; Goods purchased - P2,400,000; Beginning Inventory - P400,000; Ending Inventory - P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables - P120,000; Using Accrual Basis, compute the total income subject to income tax.

Reference no: EM132814742

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