A private educational institution has presented the following data for the 2020 taxable year: Gross income, related activities P5,000,000 Gross income, unrelated activities 5,000,000 (except rental income) Rental income from commercial spaces 2,000,000 (gross of 5% WT) Expenses, related activities 2,000,000 Expenses, unrelated activities 3,000,000 Dividend income from a domestic 100,000 corporation Quarterly income tax paid for the fırst 3 400,000 quarters Determine the correct amount of income tax payable.

A private educational institution has presented the following data for the 2020 taxable year: Gross income, related activities P5,000,000 Gross income, unrelated activities 5,000,000 (except rental income) Rental income from commercial spaces 2,000,000 (gross of 5% WT) Expenses, related activities 2,000,000 Expenses, unrelated activities 3,000,000 Dividend income from a domestic 100,000 corporation Quarterly income tax paid for the fırst 3 400,000 quarters Determine the correct amount of income tax payable.

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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