54. Statement of Financial Position 2021 2022 2023 Assets Current Assets Cash and cash equivalents 20,000,000 30,000,000 40,000,000 Accounts receivable 5,000,000 20,000,000 60,000,000 Land classified as inventory 40,000,000 38,000,000 80,000,000 Total Current Assets P 65,000,000 P 88,000,000 180,000,000 Non-Current Office Building 10,000,000 12,000,000 15,000,000 Land (where office is situated) 100,000,000 100,000,000 100,000,000 Total Non-Current Assets 110,000,000 112,000,000 115,000,000 Liabilities 55,000,000 55,000,000 80,000,000 Stockholder’s Equity 120,000,000 145,000,000 215,000,000 Statement of Comprehensive Income 2021 2022 2023 Gross sales P 6,000,000 P 20,000,000 P 35,000,000 Cost of sales 2,000,000 10,000,000 20,000,000 Expenses 3,850,000 5,000,000 5,000,000 Net income P150,000 P 5,000,000 P 10,000,000 The income tax payable of ABC Corporation for the taxable year 2021 is: Group of answer choices a. 80,000 c. 30,000 b. 37,500 d. 40,000
54.
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2021 |
2022 |
2023 |
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Assets |
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Current Assets |
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Cash and cash equivalents |
20,000,000 |
30,000,000 |
40,000,000 |
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5,000,000 |
20,000,000 |
60,000,000 |
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Land classified as inventory |
40,000,000 |
38,000,000 |
80,000,000 |
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Total Current Assets |
P 65,000,000 |
P 88,000,000 |
180,000,000 |
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Non-Current |
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Office Building |
10,000,000 |
12,000,000 |
15,000,000 |
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Land (where office is situated) |
100,000,000 |
100,000,000 |
100,000,000 |
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Total Non-Current Assets |
110,000,000 |
112,000,000 |
115,000,000 |
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Liabilities |
55,000,000 |
55,000,000 |
80,000,000 |
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120,000,000 |
145,000,000 |
215,000,000 |
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Statement of Comprehensive Income |
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2021 |
2022 |
2023 |
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Gross sales |
P 6,000,000 |
P 20,000,000 |
P 35,000,000 |
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Cost of sales |
2,000,000 |
10,000,000 |
20,000,000 |
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Expenses |
3,850,000 |
5,000,000 |
5,000,000 |
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Net income |
P150,000 |
P 5,000,000 |
P 10,000,000 |
The income tax payable of ABC Corporation for the taxable year 2021 is:
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