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Problem 1: Mr. Jason, self-employed, had a P25 million construction project. T he said project is estimated to be completed within three years with the following costs and estimates: Cost incurred to date and Percentage of completion respectively: 1st year 10,000,000; 45%. 2nd year 16,000,000; 70%. 3rd year 22,000,000 100%. How much is the gross taxable income on the second year, assuming the taxpayer was using the percentage of completion method?
Select one:
a. P1,250,000b. P250,000c. P500,000d. P-0-
Question1.(TCO D) A company that has a profit can increase its return on investment by increasing sales revenue and operating expenses by the same increasing average operating assets and operating expenses by increasing sales revenue and operating ex..
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