A Corporation is engaged in the trading business. The reported income and expenses for taxable year 2019 show: Sales P10,000,000 cost of sales 6,000,000 general business expenses 1,000,000 Interest on time deposit (gross) 100,000 Interest expense on loans payable 180,000 The net taxable income is A. 2,820,000 B. 2,853,000 C. 2,862,000 D. 2,858,000
A Corporation is engaged in the trading business. The reported income and expenses for taxable year 2019 show: Sales P10,000,000 cost of sales 6,000,000 general business expenses 1,000,000 Interest on time deposit (gross) 100,000 Interest expense on loans payable 180,000 The net taxable income is A. 2,820,000 B. 2,853,000 C. 2,862,000 D. 2,858,000
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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A Corporation is engaged in the trading business. The reported income and expenses for taxable year 2019 show:
Sales P10,000,000
cost of sales 6,000,000
general business expenses 1,000,000
Interest on time deposit (gross) 100,000
Interest expense on loans payable 180,000
The net taxable income is
A. 2,820,000
B. 2,853,000
C. 2,862,000
D. 2,858,000
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