Dalagang Pilipina Company was incorporated on June 12, 1898. It uses the fiscal year which beginsfrom May 1 and ends on April 30 of the next year. For the years ending April 30, 2022, and April30, 2023, the following are the results of operations:2022202314,000,0008,000,0006,000,00016,000,0009,000,0007,000,000SalesLess: Cost of SalesGross ProfitLess: Expenses5,930,00070,0003,500,0003,500,000Net IncomeDalagang Pilipina Company has assets amounting to P240,000,000, which includes a parcel of landamounting to P50,000,000.How much is income tax payable in 2023?

The coporate income tax in Phillipines is 25%.…

Answered: 30, 2023, the fol

Business

Accounting

30, 2023, the fol

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

Dalagang Pilipina Company was incorporated on June 12, 1898. It uses the fiscal year which begins
from May 1 and ends on April 30 of the next year. For the years ending April 30, 2022, and April
30, 2023, the following are the results of operations:
2022
2023
14,000,000
8,000,000
6,000,000
16,000,000
9,000,000
7,000,000
Sales
Less: Cost of Sales
Gross Profit
Less: Expenses
5,930,000
70,000
3,500,000
3,500,000
Net Income
Dalagang Pilipina Company has assets amounting to P240,000,000, which includes a parcel of land
amounting to P50,000,000.
How much is income tax payable in 2023?

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