A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? CHOICES: Php 480,000 Php 500,000 Php 400,000 Php 600,000
A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? CHOICES: Php 480,000 Php 500,000 Php 400,000 Php 600,000
Chapter22: S Corporations
Section: Chapter Questions
Problem 9DQ
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Question
A taxpayer registered in 2010 made available the following financial information for TY2021:
Balance Sheet:
Asset - Php 50,000,000
Liability - Php 30,000,000
Stockholders' Equity - Php 20,000,000
Income Statement:
Gross sales - Php 10,000,000
Cost of sales – Php 6,000,000
Operating Expenses - Php 2,000,000
How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction?
CHOICES:
Php 480,000
Php 500,000
Php 400,000
Php 600,000
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