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
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Compute for the income tax due

6. Minimum corporate income tax. Mocha Corporation, a domestir
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
Sales
Sales returns and allowances
Sales discounts
inventory, January 1
Purchases
Freight in
Purchase returns and allowances
Purchase discounts
teen
Inventory, December 31
Operating expenses-
7,000
1,900,000
1,600,000
CS Scanned with CamScanner
Transcribed Image Text:6. Minimum corporate income tax. Mocha Corporation, a domestir 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 Sales Sales returns and allowances Sales discounts inventory, January 1 Purchases Freight in Purchase returns and allowances Purchase discounts teen Inventory, December 31 Operating expenses- 7,000 1,900,000 1,600,000 CS Scanned with CamScanner
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