35. A domestic corporation has the following income and expenses for 2021 taxable year: Gross sales P20,000,000 Cost of sales 10,000,000 Operating expenses Assets How much is the income tax due? a. P1,240,000 b. P1,550,000 Gross sales Cost of sales Operating expenses 3,800,000 48,0000,000 36. ABC Corporation, a domestic corporation has the following income and expenses for 2021 taxable year: How much is the income tax due? a. P600,000 b. P700,000 c. P1,860,000 d. P3,000,000 P20,000,000 10,000,000 6,500,000 c. P800,000 d. P875,000
35. A domestic corporation has the following income and expenses for 2021 taxable year: Gross sales P20,000,000 Cost of sales 10,000,000 Operating expenses Assets How much is the income tax due? a. P1,240,000 b. P1,550,000 Gross sales Cost of sales Operating expenses 3,800,000 48,0000,000 36. ABC Corporation, a domestic corporation has the following income and expenses for 2021 taxable year: How much is the income tax due? a. P600,000 b. P700,000 c. P1,860,000 d. P3,000,000 P20,000,000 10,000,000 6,500,000 c. P800,000 d. P875,000
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 29CE
Related questions
Question
100%
Transcribed Image Text:35. A domestic corporation has the following income and expenses for 2021 taxable year:
Gross sales
P20,000,000
Cost of sales
10,000,000
3,800,000
48,0000,000
Operating expenses
Assets
How much is the income tax due?
a. P1,240,000
b. P1,550,000
36. ABC Corporation, a domestic corporation has the following income and expenses for 2021
taxable year:
Gross sales
Cost of sales
Operating expenses
c. P1,860,000
d. P3,000,000
How much is the income tax due?
a. P600,000
b. P700,000
P20,000,000
10,000,000
6,500,000
c. P800,000
d. P875,000
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
