Answered: 00 Personal expenses - 150,000 Interest…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

ENKANTADYA Corporation furnished you its financial data for 2018 as follows:

Gross income, Philippines - P 800,500
Expenses, Philippines - 450,000
Gross income Singapore - 700,000
Expenses, Singapore - 400,000
Personal expenses - 150,000
Interest from time deposits, BPI, Philippines - 20,000
Interest on money market placement, net of tax - 22,000

What is the amount of income tax due and payable assuming the company is a domestic corporation (DC) ?

Definition Definition Financial market that deals in securities or assets that are short-term in nature. The money market is responsible for keeping up the liquidity of the businesses and the organizations. These securities are usually held for a period of 12 months or less and are issued by institutions that require cash or funds for their short-term cash flow requirements. The money market is regulated by the federal government.

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