OI Corporation, a manufacturer, has a gross sales of P90,000,000.00 for CY 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 P55,000,000.00 and P40,000,000.00, respectively. How much is the income tax due?

OI Corporation, a manufacturer, has a gross sales of P90,000,000.00 for CY 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 P55,000,000.00 and P40,000,000.00, respectively. How much is the income tax due?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 5EB: During the current year. Plainfield Manufacturing earned income of $845,000 from total sales of...

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