The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income provided the following: Gross sales amounting to 2,500,000; sales discounts amounting to 130,000; senior citizems discount (20%) granted amounting to 160,000; cost of sales amounting to 1,000,000; operating expenses (including repairs) amounting to 500,000 and repairs for PWD facilities amounting to 150,000. 870,000 1,030,000 1,210,000 1,370,000
The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income provided the following: Gross sales amounting to 2,500,000; sales discounts amounting to 130,000; senior citizems discount (20%) granted amounting to 160,000; cost of sales amounting to 1,000,000; operating expenses (including repairs) amounting to 500,000 and repairs for PWD facilities amounting to 150,000. 870,000 1,030,000 1,210,000 1,370,000
Chapter23: Exempt Entities
Section: Chapter Questions
Problem 17P
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The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income provided the following: Gross sales amounting to 2,500,000; sales discounts amounting to 130,000; senior citizems discount (20%) granted amounting to 160,000; cost of sales amounting to 1,000,000; operating expenses (including repairs) amounting to 500,000 and repairs for PWD facilities amounting to 150,000.
- 870,000
- 1,030,000
- 1,210,000
- 1,370,000
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