Mr. Sanchez, a sole proprietor, shows the following: Sales P800,000 Interest income, net of final tax 24,000 Cost of sales 300,000 Salary expense 120,000 Interest expense 60,000 24,000 Rent expense 6,000 Advertising expense 5,000 Depreciation expense 50,000 NOLCO How much is the total allowable deductions from gross income? O P559,000 O P265,000 P260,200 P259,000
Mr. Sanchez, a sole proprietor, shows the following: Sales P800,000 Interest income, net of final tax 24,000 Cost of sales 300,000 Salary expense 120,000 Interest expense 60,000 24,000 Rent expense 6,000 Advertising expense 5,000 Depreciation expense 50,000 NOLCO How much is the total allowable deductions from gross income? O P559,000 O P265,000 P260,200 P259,000
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 2MCQ: Tayla Corporation generated $400,000 of taxable income in the 2019. What is Tayla's corporate tax...
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Transcribed Image Text:Mr. Sanchez, a sole proprietor, shows the following:
Sales
P800,000
Interest income, net of final tax
24,000
Cost of sales
300,000
Salary expense
120,000
Interest expense
60,000
24,000
Rent expense
6,000
Advertising expense
5,000
Depreciation expense
50,000
NOLCO
How much is the total allowable deductions from gross income?
O P559,000
O P265,000
P260,200
P259,000
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