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ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021:   Balance Sheet:   Asset - Php 500,000   Liability - Php 100,000   Stockholders' Equity - Php 400,000   Income Statement:   Gross sales - Php 100,000,000   Cost of sales - Php 60,000,000   Operating Expenses - Php 30,000,000   How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law

ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021:   Balance Sheet:   Asset - Php 500,000   Liability - Php 100,000   Stockholders' Equity - Php 400,000   Income Statement:   Gross sales - Php 100,000,000   Cost of sales - Php 60,000,000   Operating Expenses - Php 30,000,000   How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law

FINANCIAL ACCOUNTING
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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ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021:

 

Balance Sheet:

 

Asset - Php 500,000

 

Liability - Php 100,000

 

Stockholders' Equity - Php 400,000

 

Income Statement:

 

Gross sales - Php 100,000,000

 

Cost of sales - Php 60,000,000

 

Operating Expenses - Php 30,000,000

 

How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law

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