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Find how much is the gross income

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Problem 1: Veteran Poultry employs the cash basis of accounting for its poultry business. For the taxable year 2020, it has the following data: Cash sales on livestock raised P500,000; Sales of livestock purchased 250,000; Cost of sales 300,000; Other income 100,000. How much is the gross income in 2020?

Select one:

a. P850,000
b. P750,000
c. P550,000
d. P450,000

Reference no: EM132809699

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