Reference no: EM132934901
Question - A retailer, a resident citizen in the Philippines, married, and is under the accrual basis, has a gross income from sales of P 1,000,000, with the cost of sales amounting to P 600,000, operating expenses of P 240,000 (both with supporting receipts).
-How much is the taxable income of the retailer if he chooses the itemized deductions?
-How much is the taxable income of the retailer if he chooses the optional standard deduction?
-How much is the taxable income, assuming the retailer is a domestic corporation and chooses the optional standard deduction?
A taxpayer has a business property having an adjusted basis of P 100,000. It was completely destroyed by fire in 2020. His only claim for reimbursement was an insurance claim of P 80,000. It was settled in 2021.
-How much is the deductible loss in 2021? Kindly answer with computations.
A domestic corporation had an old computer costing P 50,000 with accumulated depreciation of P 30,000. The corporation decided to replace it with the latest computer model. The old computer was sold for P 5,000.
-How much loss could be deducted by the corporation? Kindly answer with computations.
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Prepare the direct materials budget for January
: Required production for January and February of 2020 are 4,300 and 6,100 units, respectively. Prepare the direct materials budget for January
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Determine the carrying amount of the equipment
: Annual review as at 30 June 2019, Fair value less cost of sales/disposal $1,110,000. Determine the carrying amount of the equipment
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What is the amount of impairment loss
: Beige Company has completed the construction of a building for a total cost of P15,000,000. What is the amount of impairment loss, if any, on January 1, 2018
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What is the nominal interest rate on the loan
: The loan will cost 10% simple interest, for 4 months, with a 20% compensating balance. What is the nominal interest rate on the loan
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How much is the taxable income of the retailer
: How much is the taxable income of the retailer if he chooses the optional standard deduction and if he chooses the itemized deductions
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What is the carrying amount of the financial asset
: What is the carrying amount of the financial asset on Dec 31, 2019? Show complete solution and accurate answer thank you
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What are the important factors regarding cash flow
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Find out the interest rate
: Tax rate is 50% on earning if the economics environment is goods all three firm shows operating income 1000 under average. Find out the interest rate
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Details of social works role in disaster events
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