Case 2: The following data were taken from the financial statement of Rodavia Corporation for 2022:Philippines (P)Abroad (P)Gross Sales10,000,0005,000,000Sales Returns200,000Cost of Goods Sold3,500,0002,250,000Operating expenses2,800,0001,100,000Interest income from trade receivable100,00050,000Interest income from BPI deposits- Philippines100,000Interest income from BPI deposits- USA80,000Interest income- FCDU150,000Income from money market placement200,000100,000Dividend income from domestic corporation75,000Dividend income from resident corporation45,000Dividend income from nonresident corporation30,000Royalty income - in general30,00025,000Royalty income - books20,000Gain on sale of shares of stock of domestic corporationheld as capital asset thru local stock exchange; Sellingprice is P500,000120,000Gain on sale of shares of stock of domestic corporationheld as capital asset directly to buyer; Selling price isP650,000150,000Gain on Sale or real property in the Philippines not usedin business; Cost is P4M and FMV is P8M5,000,0007. How much is the income tax due and payable if the corporation is a domestic corporation?8. How much is the final withholding tax on passive income assuming corporation is a residentforeign corporation?

If anything or someone makes money, the government will take a portion of it. This is known as…

7. How much is the income tax due and payable if the corporation is a domestic corporation? 8. How much is the final withholding tax on passive income assuming corporation is a resident foreign corporation?

7. How much is the income tax due and payable if the corporation is a domestic corporation? 8. How much is the final withholding tax on passive income assuming corporation is a resident foreign corporation?

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

Case 2: The following data were taken from the financial statement of Rodavia Corporation for 2022:
Philippines (P)
Abroad (P)
Gross Sales
10,000,000
5,000,000
Sales Returns
200,000
Cost of Goods Sold
3,500,000
2,250,000
Operating expenses
2,800,000
1,100,000
Interest income from trade receivable
100,000
50,000
Interest income from BPI deposits- Philippines
100,000
Interest income from BPI deposits- USA
80,000
Interest income- FCDU
150,000
Income from money market placement
200,000
100,000
Dividend income from domestic corporation
75,000
Dividend income from resident corporation
45,000
Dividend income from nonresident corporation
30,000
Royalty income - in general
30,000
25,000
Royalty income - books
20,000
Gain on sale of shares of stock of domestic corporation
held as capital asset thru local stock exchange; Selling
price is P500,000
120,000
Gain on sale of shares of stock of domestic corporation
held as capital asset directly to buyer; Selling price is
P650,000
150,000
Gain on Sale or real property in the Philippines not used
in business; Cost is P4M and FMV is P8M
5,000,000
7. How much is the income tax due and payable if the corporation is a domestic corporation?
8. How much is the final withholding tax on passive income assuming corporation is a resident
foreign corporation?

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