AMCD Corporation, a manufacturer, has gross sales of P250,000,000.00 for calendar year 2021, it's 4th Calendar year of operation. Its total assets amounted to P60,000,000, net of the value of the land of P6,000,000.00 where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expense amounted to P130,000,000.00 and P50,000,000.00 respectively. (1) Compute for its income tax due for CY 2021 (2) Is the AMCD Corporation subject to MCIT? Explain.

AMCD Corporation, a manufacturer, has gross sales of P250,000,000.00 for calendar year 2021, it's 4th Calendar year of operation. Its total assets amounted to P60,000,000, net of the value of the land of P6,000,000.00 where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expense amounted to P130,000,000.00 and P50,000,000.00 respectively. (1) Compute for its income tax due for CY 2021 (2) Is the AMCD Corporation subject to MCIT? Explain.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
MAR Corporation, a manufacturer, has a gross sales of P90,000,000.00 for YER 2021, its fifth year of operations. Its total assets amounted to P50,000,000.00, net of the value of the land of P6,000,000.00 where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expenses amounted to P50,000,000.00 and P40,000,000.00, respectively. Compute for its income tax due for YER 2021.
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JOI Corporation, a manufacturer, has a gross sales of P90,000,000.00 for CY2021, its fifth year of operations. Its total assets amounted to P50,000,000.00,net of the value of the land of P6,000,000.00 where its manufacturing plant and business operations are situated. Its cost of sales and allowable operatingexpenses amounted to P55,000,000.00 and P40,000,000.00, respectively. How much is the income tax due?
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DDD Corporation, a domestic manufacturing corporation, had gross sales of P100,000,000 for fiscal year ending June 30, 2021 and incurred cost of sales of P60,000,000 and cost of sales of P17,500,000 with the following details: Cost of sales Direct materials P30,000,000 Direct labor 20,000,000 Manufacturing overhead 10,000,000 Operating expenses Salaries and wages P7,000,000 Taxes 300,000 Depreciation 3,500,000 Professional fees 200,000 Advertising expense 3,000,000 Training expenses 3,000,000 Office supplies 500,000 How much is the taxable net income of the company?
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