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An individual taxpayer who is using the accrual basis in his manufacturing business reported the following results of operations in the preceding year: Sales, net
An individual taxpayer who is using the accrual basis in his manufacturing business reported the following results of operations in the preceding year: Sales, net of returns, and discounts P 6,000,000 Cost of sales 2,700,000 Dividend income, net of final tax 54.000 Business expenses 2,400,000 Gain on sale of old equipment 150,000 Sale of scrap metals 300,000 Interest income on employee advances 67,500 Gain on Sale of domestic stocks directly to a buyer 10,000 1. Use the data above to generate the reporting format for Individuals Engaged in Business or Profession. 2. Assume the same data except that the taxpayer is a corporation, generate the reporting format for Corporate Taxpayers
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