ss income from operations PHP 1,540,000 Expenses PHP 654,000 Dividend from foreign corporation, no reinvested in the following year PHP 95,000 Royalties, Philippines PHP 230,000 Royalties, USA PHP 175,000 Interest on peso deposit with Metrobank PHP 8,000 Interest on dollar deposit with BP ($1=PHP 50) USD 200 The taxable income on Winter Corporatio
ss income from operations PHP 1,540,000 Expenses PHP 654,000 Dividend from foreign corporation, no reinvested in the following year PHP 95,000 Royalties, Philippines PHP 230,000 Royalties, USA PHP 175,000 Interest on peso deposit with Metrobank PHP 8,000 Interest on dollar deposit with BP ($1=PHP 50) USD 200 The taxable income on Winter Corporatio
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. Winter Corporation, a domestic corporation had the following record of income and expenses in 2022:
Gross income from operations | PHP 1,540,000 | ||||
Expenses | PHP 654,000 | ||||
Dividend from foreign corporation, | |||||
no reinvested in the following year | PHP 95,000 | ||||
Royalties, Philippines | PHP 230,000 | ||||
Royalties, USA | PHP 175,000 | ||||
Interest on peso deposit with Metrobank | PHP 8,000 | ||||
Interest on dollar deposit with BP ($1=PHP 50) | USD 200 |
The taxable income on Winter Corporation is
a. PHP 1,156,000
b. PHP 1,540,000
c. PHP 641,000
d. PHP 1,810,000
2. In Yoop Corporation had the following items of income and expenses in 2023
Gross receipts | PHP 1,000,000 | |||
Cost of services | PHP 850,000 | |||
Dividends from a domestic company | PHP 35,000 | |||
General and administrative expenses | PHP 120,000 |
The income tax due on In Yoop Corporation is
A. PHP 7,500
B. PHP 9,000
C. PHP 2,250
D. PHP 30,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education