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 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses – Php 50,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation? a. 800,000 b. 400,000 c. 2,500,000 d. 0
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 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses – Php 50,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation? a. 800,000 b. 400,000 c. 2,500,000 d. 0
Chapter20: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 8DQ
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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
Income Statement
Gross sales – Php 100,000,000
Cost of sales – Php 60,000,000
Operating Expenses – Php 50,000,000
How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation?
a. 800,000
b. 400,000
c. 2,500,000
d. 0
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