Meldy Corporation had the following items of income and expenses during the year: Gross receipts P 1,000,000 Cost of services 850,000 Dividends from a domestic company 35,000 General and administrative expenses 120,000 The income tax due on Meldy Corporation is A. 10,500 B. 9,000 C. 30,000 D. 3,000

Meldy Corporation had the following items of income and expenses during the year: Gross receipts P 1,000,000 Cost of services 850,000 Dividends from a domestic company 35,000 General and administrative expenses 120,000 The income tax due on Meldy Corporation is A. 10,500 B. 9,000 C. 30,000 D. 3,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 4BCRQ

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Question

Meldy Corporation had the following items of income and expenses during the year:

Gross receipts P 1,000,000

Cost of services 850,000

Dividends from a domestic company 35,000

General and administrative expenses 120,000

The income tax due on Meldy Corporation is

A. 10,500

B. 9,000

C. 30,000

D. 3,000

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