A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 Other information: Asset – Php 5,000,000 Liability – Php 3,000,000 SHE – Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is an ordinary partnership and opted for OSD? 120,000 480,000 720,000 600,000

A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 Other information: Asset – Php 5,000,000 Liability – Php 3,000,000 SHE – Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is an ordinary partnership and opted for OSD? 120,000 480,000 720,000 600,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 9DQ

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Question

100%

A taxpayer made available the following financial information:

Gross sales - Php 10,000,000

Cost of sales – Php 6,000,000

Expenses:

Salaries and wages – Php 1,000,000

Transportation and travel – Php 20,000

Rental - Php 240,000

Representation expense – Php 200,000

Depreciation expense – Php 200,000

Office supplies – Php 20,000

Miscellaneous expenses – Php 10,000

Other information:

Asset – Php 5,000,000

Liability – Php 3,000,000

SHE – Php 2,000,000

How much is the income tax due under CREATE Law if the taxpayer is an ordinary partnership and opted for OSD?

120,000
480,000
720,000
600,000

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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