A non-individual taxpayer made available the following financial information covering TY 2021: Statement of Financial Position Statement of Comprehensive Income Assets 20,000,000 Gross receipts 5,000,000 Liabilities 15,000,000 Cost of service 3,000,000 Stockholders’ Equity 5,000,000 Gross profit 2,000,000 Expenses 1,000,000 Net income 1,000,000 Assuming the taxpayer is a domestic corporation, the income tax due is? Group of answer choices c. Php 250,000 d. Php 0 a. Php 200,000 b. Php 300,000
A non-individual taxpayer made available the following financial information covering TY 2021: Statement of Financial Position Statement of Comprehensive Income Assets 20,000,000 Gross receipts 5,000,000 Liabilities 15,000,000 Cost of service 3,000,000 Stockholders’ Equity 5,000,000 Gross profit 2,000,000 Expenses 1,000,000 Net income 1,000,000 Assuming the taxpayer is a domestic corporation, the income tax due is? Group of answer choices c. Php 250,000 d. Php 0 a. Php 200,000 b. Php 300,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
44.
A non-individual taxpayer made available the following financial information covering TY 2021:
|
Statement of Comprehensive Income |
||
Assets |
20,000,000 |
Gross receipts |
5,000,000 |
Liabilities |
15,000,000 |
Cost of service |
3,000,000 |
|
5,000,000 |
Gross profit |
2,000,000 |
|
|
Expenses |
1,000,000 |
|
|
Net income |
1,000,000 |
Assuming the taxpayer is a domestic corporation, the income tax due is?
Group of answer choices
c. Php 250,000
d. Php 0
a. Php 200,000
b. Php 300,000
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