Answered: 3. Norte De University, a pr | bartleby

SWFT Corp Partner Estates Trusts

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 51P

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3. Norte De University, a proprietary educational institution, has the following selected information for the
taxable year 2X18:
Tuition Fees
Miscellaneous Fees
Interest on Bank Deposits
Rent Income
Salaries and Bonuses, all personnel
Other Operating Expenses
Quarterly Income Tax Payments
P 12,800,000
1,800,000
12,300
350,000
7,500,000
3,500,000
48,000
An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a
depreciable life of 50 years.
a. Compute the income tax payable assuming the university opted to claim the cost of construction as an
outright expense.
b. Compute the income tax payable assuming the university opted to capitalize the cost of building
construction.
3

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Norte De University, a proprietary educational institution, has the following selected information for the taxable year 2X18: Tuition Fees P 12,800,000 Miscellaneous Fees 1,800,000 Interest on Bank Deposits 12,300 Rent Income 350,000 Salaries and Bonuses, all personnel 7,500,000 Other Operating Expenses 3,500,000 Quarterly Income Tax Payments 48,000 An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a depreciable life of 50 years. Compute the income tax payable assuming the university opted to claim the cost of construction as an outright Compute the income tax payable assuming the university opted to capitalize the cost of building construction.
Haidia corporation, an educational institution provided the following data for the current year: Income from tuition fees Php 3,500,000 School miscellaneous fees 1,500,000 Dividend income: Domestic corporation 2,000,000 Foreign corporation 2,000,000 Rent income (net of 5% withholding tax) 1,900,000 Operating expenses 4,000,000 The income tax due of the school is:
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