A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen? Group of answer choices Php 1,590,000 Php 7,590,000 Php 1,500,000 Php 1,570,000
A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen? Group of answer choices Php 1,590,000 Php 7,590,000 Php 1,500,000 Php 1,570,000
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 30P
Related questions
Question
A taxpayer made available the following financial information:
Gross receipts - Php 10,000,000
Cost of service – Php 6,000,000
Expenses:
Miscellaneous expenses – Php 10,000
Office supplies – Php 20,000
Rental - Php 240,000
Representation expense – Php 100,000
Salaries and wages – Php 1,000,000
Transportation and travel – Php 20,000
How much is the total allowable deduction if the taxpayer is a resident citizen?
Group of answer choices
Php 1,590,000
Php 7,590,000
Php 1,500,000
Php 1,570,000
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