How much of the above payments are deductible from gross income?
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 1E: Domanico Co., which produces and sells biking equipment, is financed as follows: Income tax is...
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JAM Company recorded in its books taxes and licenses expenses amounting to P51,055,000. The breakdown of the taxes and licenses account is as follows:
Payment of deficiency FBT, P25,000,000
CGT on sale of real properties, P200,000
CGT on sale of shares of stock, P50,000
Other percentage tax on sale of shares of stock, P5,000
Payment of surcharge, P6,250,000
Payment of interest on deficiency FBT, P1,250,000
Payment of compromise penalties, P300,000
Business taxes and licenses, P18,000,000
How much of the above payments are deductible from gross income?
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