Cost of service 3,000,000 Stockholders’ Equity 5,000,000 Gross profit 2,000,000 Expenses 1,000,000
Cost of service 3,000,000 Stockholders’ Equity 5,000,000 Gross profit 2,000,000 Expenses 1,000,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 26P
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Question
43.
A non-individual taxpayer made available the following financial information covering TY 2021:
|
Statement of Comprehensive Income |
||
Assets |
20,000,000 |
Gross receipts |
5,000,000 |
Liabilities |
15,000,000 |
Cost of service |
3,000,000 |
|
5,000,000 |
Gross profit |
2,000,000 |
|
|
Expenses |
1,000,000 |
|
|
Net income |
1,000,000 |
Assuming the taxpayer is a domestic corporation, the income tax due is?
Group of answer choices
b. Php 300,000
c. Php 250,000
d. Php 0
a. Php 200,000
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