ABC Institute has the following selected information for the taxable year 2021:Tuition fees (actually, directly, exclusively used for educationalP20,000,000purposes)Miscellaneous fees (actually, directly, exclusively used for5,800,000educational purposes)Operating expenses related to school fees (excluding depreciation18,500,000on the additional school building)Rental income (net of CWT)7,125,000Operating expenses related to rental income2,250,000Interest from bank deposits100,000Interest income from FCDS deposits80,000Dividend income from a domestic corporation65,000Dividend income from a foreign corporation (within)50,000Quarterly income tax payments80,000Additional school building was built and finished on April 1, 2021 at a cost ofP4,000,000 with a depreciable life of 25 years. Only if applicable, assume theeducational institution opted to claim the cost of construction as an outrightexpense. The company' asset excluding land amounted to P108,000,000.How much is the income tax payable assuming ABC is a non-stock non-profiteducational institution?

A non-stock, non-profit educational institution is a type of organization that provides educational…

ABC Institute has the following selected information for the taxable year 2021: Tuition fees (actually, directly, exclusively used for educational purposes) Miscellaneous fees (actually, directly, exclusively used for educational purposes) Operating expenses related to school fees (excluding depreciation on the additional school building) Rental income (net of CWT) Operating expenses related to rental income Interest from bank deposits Interest income from FCDS deposits Dividend income from a domestic corporation Dividend income from a foreign corporation (within) Quarterly income tax payments P20,000,000 5,800,000 18,500,000 7,125,000 2,250,000 100,000 80,000 How much is the income tax payable assuming ABC is a non-stock non-profit educational institution? 65,000 50,000 80,000 Additional school building was built and finished on April 1, 2021 at a cost of P4,000,000 with a depreciable life of 25 years. Only if applicable, assume the educational institution opted to claim the cost of construction as an outright expense. The company' asset excluding land amounted to P108,000,000.

ABC Institute has the following selected information for the taxable year 2021: Tuition fees (actually, directly, exclusively used for educational purposes) Miscellaneous fees (actually, directly, exclusively used for educational purposes) Operating expenses related to school fees (excluding depreciation on the additional school building) Rental income (net of CWT) Operating expenses related to rental income Interest from bank deposits Interest income from FCDS deposits Dividend income from a domestic corporation Dividend income from a foreign corporation (within) Quarterly income tax payments P20,000,000 5,800,000 18,500,000 7,125,000 2,250,000 100,000 80,000 How much is the income tax payable assuming ABC is a non-stock non-profit educational institution? 65,000 50,000 80,000 Additional school building was built and finished on April 1, 2021 at a cost of P4,000,000 with a depreciable life of 25 years. Only if applicable, assume the educational institution opted to claim the cost of construction as an outright expense. The company' asset excluding land amounted to P108,000,000.

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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