XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial information for taxable year 2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law
XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial information for taxable year 2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 24CE
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Question
XYW Corp., a Domestic Corporation, registered in 2010 made available the following financial information for taxable year 2021:
Balance Sheet:
Asset - Php 500,000
Liability - Php 100,000
Income Statement:
Gross sales - Php 100,000,000
Cost of sales – Php 60,000,000
Operating Expenses - Php 30,000,000
How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law
Choices:
Php 800,000
Php 2,100,000
Php 400,000
Php 0
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