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Question - A domestic corporation had the following data for 2002. The accumulated earnings for which year the Bureau of Internal Revenue considered to be improper:
Sales P6,000,000
Cost of sales 2,000,000
Business expense 1,000,000
Interest on Philippine currency bank deposit 50,000
Capital gain on sale directly to buyer of shares of domestic corporation 120,000
Dividend income from domestic corporation 60,000
Dividend declared and paid during the year 500,000
Required - What is the taxable income if the taxpayer had chosen itemized deduction?
KSFB has indicated that this one-time order will not be repeated. Calculate the lowest price KFSB can bid for the order and not reduce its net profit
If on April 1, 2021, half of the trading securities are sold for P3,225,000, how much is the gain or loss on sale to be recognized for 2021
Prepare an As-Is Data Flow Diagram and an As-Is System Flowchart
How would you determine that the car manufacturer has a good record of servicing sales and paying its suppliers? What are the signs you would look out for in the financial statements for the possibility of bad debts? Give reasons for your answers.
Prepare a performance report that shows the variances for each variable overhead item (inspection and power).
Irwin decided to change to the straight-line method. Ignoring income taxes, prepare the journal entry relating to the machine for 2016
Briefly explain the advantages and disadvantages of the software
barnes and noble member programs entitles the member to receive a 10 discount on all purchases made 20 discount for
The bonds are dated January 1, 20x1, and pay interest on June 30 and December 31. What is the total cash received on the issue date
samuelson and messenger sampm began 2013 with 200 units of its one product. these units were purchased near the end of
Pitt Limited is trying to determine the value of its ending inventory as of February 28, 2017, the company's year-end.
Special Order Consider the following details of the income statement of the Manteray Pen Company (MPC) for the year ended December 31,20x6. MPC's fixed cost manufacturing costs were $2.9million
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