A non-individual taxpayer made available the following financial information covering TY 2021: Statement of Financial Position Statement of Comprehensive Income Assets 20,000,000 Gross receipts 5,000,000 Liabilities 15,000,000 Cost of service 3,000,000 Stockholders’ Equity 5,000,000 Gross profit 2,000,000 Expenses 1,000,000 Net income 1,000,000 Assuming the taxpayer is a domestic corporation, the income tax due is? Group of answer choices c. Php 250,000 d. Php 0 a. Php 200,000 b. Php 300,000
A non-individual taxpayer made available the following financial information covering TY 2021: Statement of Financial Position Statement of Comprehensive Income Assets 20,000,000 Gross receipts 5,000,000 Liabilities 15,000,000 Cost of service 3,000,000 Stockholders’ Equity 5,000,000 Gross profit 2,000,000 Expenses 1,000,000 Net income 1,000,000 Assuming the taxpayer is a domestic corporation, the income tax due is? Group of answer choices c. Php 250,000 d. Php 0 a. Php 200,000 b. Php 300,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 26P
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Question
44.
A non-individual taxpayer made available the following financial information covering TY 2021:
|
Statement of Comprehensive Income |
||
Assets |
20,000,000 |
Gross receipts |
5,000,000 |
Liabilities |
15,000,000 |
Cost of service |
3,000,000 |
|
5,000,000 |
Gross profit |
2,000,000 |
|
|
Expenses |
1,000,000 |
|
|
Net income |
1,000,000 |
Assuming the taxpayer is a domestic corporation, the income tax due is?
Group of answer choices
c. Php 250,000
d. Php 0
a. Php 200,000
b. Php 300,000
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