Question 2 of 43 Fill in the blanks La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as follows: Year Normal Corporate Income Tax Minimum Corporate Income Tax Excess of MCIT over NCIT 2005 P25,000 P100,000 P75,000 2006 130,000 150,000 20,000 2007 200,000 190,000 0 2008 0 300,000 300,000 2009 10,000 50,000 40,000 2010 15,000 60,000 45,000 2011 8,000 40,000 32000 2012 1,000 50,000 49,000 Income tax still due and payable for 2006 is NOTE Answers are in numerical form COMMA PESO SIGN and other chat
Question 2 of 43 Fill in the blanks La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as follows: Year Normal Corporate Income Tax Minimum Corporate Income Tax Excess of MCIT over NCIT 2005 P25,000 P100,000 P75,000 2006 130,000 150,000 20,000 2007 200,000 190,000 0 2008 0 300,000 300,000 2009 10,000 50,000 40,000 2010 15,000 60,000 45,000 2011 8,000 40,000 32000 2012 1,000 50,000 49,000 Income tax still due and payable for 2006 is NOTE Answers are in numerical form COMMA PESO SIGN and other chat
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 25P: LO.2 Oak Corporation has the following general business credit carryovers. If the general business...
Related questions
Question
100%
Transcribed Image Text:EA# 9 Tax on Corporation: Problem Solving FnB
Question 2 of 43
Fill in the blanks
La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as follows:
Normal Corporate
Year
Minimum Corporate
Income Tax
Excess of MCIT over NCIT
Income Tax
2005
P25,000
P100,000
P75,000
2006
130,000
150,000
20,000
2007
200,000
190,000
0
2008
0
300,000
300,000
2009
10,000
50,000
40,000
2010
15,000
60,000
45,000
2011
8,000
40,000
32,000
2012
1,000
50,000
49,000
Income tax still due and payable for 2006 is
NOTE: Answers are in numerical form. COMMA, PESO SIGN and other cha
< Previous
Cont
Type here to search
O E
28°C Heavy t-storm
Shot on OnePlus
Powered by Triple Camera
hp
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
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT