30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....
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Berlin Corp. reported the following data for 2021:
Total net sales made to customers were P2,000,000 in cash.
Goods purchased for sale totalled P1,200,000 in cash. Beginning and
ending inventory of goods for sale, respectively, were P200,000 and
P300,000.
1-year advanced rent of P30,000 to apply for 2020 was received from a
sublease contract.
P40,000 total interest income from customers promissory note earned
P30,000 of this was collected.
Unrealized foreign exchange gains from foreign currency receivable
totaled P60,000.
 
Using cash basis, compute the total income subject to income tax.
 
P990,000
P750,000
P960,000
P690,000
 
ADD EXPLANATION THANKS
 
 
 
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