11. Jan Stephanie Corporation filed its income tax return for calendar year 2022 and paid on time its income tax amounting to P100,000. Upon verification of its accounting records, it was disclosed that its deduction did not meet all the statutory requisites for deductibility. The corporation was duly notified of the said discrepancy through a Preliminary Assessment Notice (PAN). The income tax due after investigation amounts to P170,000. Failing to protest on time against the PAN, a formal letter of demand and assessment notice was issued on May 31, 2024, requiring payment of the assessment not later than July 15, 2024. How much amount is due on July 15, 2024? 12. Denmark Torralba did not file his income tax return for the calendar year 2022 which was due for filing on April 15, 2023. He was notified by the BIR of his failure to file the tax return, for which reason, he filed his tax return and paid the tax only after the said notice on July 15, 2024. Excluding compromise penalties, the tax due per return is P100,000. How much is the total amount due?

11. Jan Stephanie Corporation filed its income tax return for calendar year 2022 and paid on time its income tax amounting to P100,000. Upon verification of its accounting records, it was disclosed that its deduction did not meet all the statutory requisites for deductibility. The corporation was duly notified of the said discrepancy through a Preliminary Assessment Notice (PAN). The income tax due after investigation amounts to P170,000. Failing to protest on time against the PAN, a formal letter of demand and assessment notice was issued on May 31, 2024, requiring payment of the assessment not later than July 15, 2024. How much amount is due on July 15, 2024? 12. Denmark Torralba did not file his income tax return for the calendar year 2022 which was due for filing on April 15, 2023. He was notified by the BIR of his failure to file the tax return, for which reason, he filed his tax return and paid the tax only after the said notice on July 15, 2024. Excluding compromise penalties, the tax due per return is P100,000. How much is the total amount due?

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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