Reference no: EM132970016
Aranas Corporation has a soft spot for senior citizens and PWDs. As such, it hires senior citizens and PWDs to work in the company for at least six (6) months.
The following data are provided by the corporation:
Gross sales P15,000,000
Cost of sales 5,000,000
Operating expenses (including salaries of P500,000 given to senior citizen-employees and P200,000 given to PWDs) 3,000,000
During the same period the corporation also allows 20% discount to senior citizens who buy goods from the company. The discount is on the P800,000 sales (part of the gross sales above) summarized as follows:
Selling price (VAT-exempt) P800,000
Less: 20% discount 160,000
Amount payable by the Senior Citizen P640,000
Problem 1: How much is the special itemized deductions allowed in connection with the salary of the senior citizen-employee and PWDs and the discount given to senior citizens?
Problem 2: How much is the taxable net income of the corporation?
Problem 3: How much is the taxable net income of the corporation availing of OSD?
|
How much is the total deductible amount
: How much is the total deductible amount including the special itemized deduction? Health Care Services, a private health institution, complies with Rooming-in.
|
|
How much is the sales discount that can be deducted
: A VAT-registered enterprise sold goods to a person with disability. How much is the sales discount that can be deducted from the gross income of the seller?
|
|
List criteria used to underwrite aviation insurance risk
: Summarize the actions an insured would generally take following a loss or a covered occurrence.
|
|
Discuss how starbucks brand culture and strategic plan lent
: Discuss how Starbucks' brand culture and strategic plan lent to its successful expansion to the Chinese market. in what ways did its identity , values, innovati
|
|
How much is the special itemized deductions allowed
: How much is the special itemized deductions allowed in connection with the salary of the senior citizen-employee and PWDs and discount given to senior citizen
|
|
How much is the taxable net income of rosales corporation
: Rosales Corporation, a domestic corporation, adopted Masbate State College, How much is the taxable net income of Rosales Corporation?
|
|
Compare and contrast the two expansion strategies
: Discuss how Starbucks' brand culture and strategic plan lent to its successful expansion to the Chinese market. in what ways did its identity , values, innovati
|
|
What balances does a consolidated balance sheet report
: Assume that the Philippine peso is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2019?
|
|
What total amount should be included in kanchengjunga
: What total amount should be included in Kanchengjunga's December 31, 20x9 consolidated balance sheet for the above accounts?
|