Compute for the income tax due 6. Minimum corporate income tax. Mocha Corporation, a domestircorporation, had the foliowing data on its 15th year of operation:P 6,000,000200,00015,0002,400,0001,500,00035,00030.000SalesSales returns and allowancesSales discountsinventory, January 1PurchasesFreight inPurchase returns and allowancesPurchase discountsteenInventory, December 31Operating expenses-7,0001,900,0001,600,000CS Scanned with CamScanner

Minimum corporate income tax in the country Philippines is the 2% on the gross income earned during…

6. Minimum corporate income tax. Mocha Corporation, a domesir corporation, had the foliowing data on its 15th year of operation: P 6,000,000 200,000 15,000 2,400,000 1,500,000 35,000 30.000 7,000 Sales Sales returns and allowances Sales discounts Inventory, January 1 Purchases Freight in Purchase returns and allowances Purchase discounts Inventory, December 31 Operating expenses- 1,900,000 1,600,000

6. Minimum corporate income tax. Mocha Corporation, a domesir corporation, had the foliowing data on its 15th year of operation: P 6,000,000 200,000 15,000 2,400,000 1,500,000 35,000 30.000 7,000 Sales Sales returns and allowances Sales discounts Inventory, January 1 Purchases Freight in Purchase returns and allowances Purchase discounts Inventory, December 31 Operating expenses- 1,900,000 1,600,000

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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