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Compute the total income subject to income tax

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Question - Berlin Corporation reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totaled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively were P200,000 and P300,000. 1 year advance rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest from customers promissory note earned, P30,000 of this were collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Compute the total income subject to income tax under cash basis.

Reference no: EM133184660

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