Astercor, Inc. reported the following during the year. • P 400,000 proceeds of life insurance of an officer where Antercor is the beneficiary (P600,000 still uncollected.) P800,000 interest income, exclusive of P200,000 uncollected and accrued interest P300,000 increase in value of investment in stocks 8. Compute the gross income under cash basis.

Astercor, Inc. reported the following during the year. • P 400,000 proceeds of life insurance of an officer where Antercor is the beneficiary (P600,000 still uncollected.) P800,000 interest income, exclusive of P200,000 uncollected and accrued interest P300,000 increase in value of investment in stocks 8. Compute the gross income under cash basis.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 45P

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