Yeri Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; required: Using Accrual Basis, compute the total income subject to income tax.
Yeri Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; required: Using Accrual Basis, compute the total income subject to income tax.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 61E: Recording Various Liabilities Glenview Hardware had the following transactions that produced...
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Yeri Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000;
required: Using Accrual Basis, compute the total income subject to income tax.
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