Rosas Company has the following data for the taxable year, 2018: Gross Sales Cost of Sales Philippines in Php. 25,000,000.00 12,500,000.00 Other Income Total Itemized deductions 4,000,000.00 10,250,000.00 Canada in Php. 72,000,000.00 58,500,000.00 10,000,000.00 18,500,000.00 In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year, of which source cannot be identified that is, whether from within the Phippines or Canada.
Rosas Company has the following data for the taxable year, 2018: Gross Sales Cost of Sales Philippines in Php. 25,000,000.00 12,500,000.00 Other Income Total Itemized deductions 4,000,000.00 10,250,000.00 Canada in Php. 72,000,000.00 58,500,000.00 10,000,000.00 18,500,000.00 In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year, of which source cannot be identified that is, whether from within the Phippines or Canada.
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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Question
5. Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of OSD to be used to arrive at Net Income before tax.
Transcribed Image Text:Rosas Company has the following data for the taxable year, 2018:
Canada
Philippines
in Php.
in Php.
Gross Sales
Cost of Sales
other Income
Total Itemized deductions
25,000,000.00
72,000,000.00
12,500,000.00
58,500,000.00
4,000,000.00
10,000,000.00
10,250,000.00
18,500,000.00
In addition, Leni Company earned other income amounting to Php. 2,800,000 during the year,
of which source cannot be identified that is, whether from within the Phippines or Canada.
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