A resident foreign Corp has the following data: Gross Sales in Phil is 9M; Cost of sales- Phil is 2M; Gross sales in USA is 7M; cost of sales USA is 2M; Business expenses in Phil is 2M; business expenses in USA is 1M; Royalties on Phil copyrights is 500K; interest income from bank deposits in Phil is 100K; Remittances of profit during the year-net amounting to P 170K and payment for the first three quarters to BIR of P 100K. What is the Phil income tax due and payable using OSD? What is the tax on branch profit remittances?

A resident foreign Corp has the following data: Gross Sales in Phil is 9M; Cost of sales- Phil is 2M; Gross sales in USA is 7M; cost of sales USA is 2M; Business expenses in Phil is 2M; business expenses in USA is 1M; Royalties on Phil copyrights is 500K; interest income from bank deposits in Phil is 100K; Remittances of profit during the year-net amounting to P 170K and payment for the first three quarters to BIR of P 100K. What is the Phil income tax due and payable using OSD? What is the tax on branch profit remittances?

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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