ABC Corp. in 2010 made available the following financial information for TY2021: Balance sheet: Asset - 50,000,000 Liability - 30,000,000 Stock Equity - 20,000,000 Income statement: Gross sales - 100,000,000 Cost of sales - 60,000,000 Operating Expense - 50,000,000 How much is the income tax payable under CREATE Law if the taxp
ABC Corp. in 2010 made available the following financial information for TY2021: Balance sheet: Asset - 50,000,000 Liability - 30,000,000 Stock Equity - 20,000,000 Income statement: Gross sales - 100,000,000 Cost of sales - 60,000,000 Operating Expense - 50,000,000 How much is the income tax payable under CREATE Law if the taxp
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 36P
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Question
ABC Corp. in 2010 made available the following financial information for TY2021:
Asset - 50,000,000
Liability - 30,000,000
Stock Equity - 20,000,000
Income statement:
Gross sales - 100,000,000
Cost of sales - 60,000,000
Operating Expense - 50,000,000
How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation?
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