he following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020?

he following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 14DQ

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The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020? * P210,000 P284,000 P330,000 P404,000 answer not given
The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020? a. P210,000 b. P284,000 c. P330,000 d. P404,000 e. answer not given
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