Sally, the MWE, also has a small business with the following data: sales of P500,000, cost of goods sold of P100,000, operating expenses of P60,000, and non-operating income of P10,000. What would be the income tax due under the graduated rates, and under the 8% income tax rate option? a. P23,600; P54,564 b. P18,000; P42,350 c. P20,000; P40,800 d. None of the above.

Sally, the MWE, also has a small business with the following data: sales of P500,000, cost of goods sold of P100,000, operating expenses of P60,000, and non-operating income of P10,000. What would be the income tax due under the graduated rates, and under the 8% income tax rate option? a. P23,600; P54,564 b. P18,000; P42,350 c. P20,000; P40,800 d. None of the above.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 7P

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