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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 accrual basis.

Reference no: EM133188296

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