INCOME-TAXATION-FINALEXAM-2ND-SEM-A.Y.-2015-16-SAM

In year 2013 xxx corporation a domestic corporation

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53. In year 2013, XXX Corporation, a domestic corporation, has the following data: Sales P 8,000,000 Cost of goods sold ` 3,000,000 Business expenses 2,000,000 The gross income tax of the corporation is 54 to 56 ZZZ Company, a domestic corporation, adopts the cash-basis of accounting. It has the following financial data for the year 2013, its fourth year of operations: Gross receipts P2,000,000 Sales returns and allowances 40,000 Sales discounts 60,000 Cost of services 760,000 Operating expenses 500,000
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