A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity- Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales Php 6,000,000 Operating Expenses - Php 5,900,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?
A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity- Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales Php 6,000,000 Operating Expenses - Php 5,900,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 36P
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Question
A taxpayer registered in 2010 made available the following financial information for TY2021:
Asset - Php 50,000,000
Liability - Php 30,000,000
Income Statement:
Gross sales - Php 10,000,000
Cost of sales Php 6,000,000
Operating Expenses - Php 5,900,000
How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?
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