and Jin Corporation is a foreign corporation which is not engaged in trade or business in the Philippines. In, 2023 it had gross income of PHP 1,500,000 and expenses of PHP 650,000 on its isolated transaction in the Philippines The income tax due is PHP 375,000 PHP 212,500 PHP 300,000

and Jin Corporation is a foreign corporation which is not engaged in trade or business in the Philippines. In, 2023 it had gross income of PHP 1,500,000 and expenses of PHP 650,000 on its isolated transaction in the Philippines The income tax due is PHP 375,000 PHP 212,500 PHP 300,000

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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Question

Ryu and Jin Corporation is a foreign corporation which is not engaged in trade or business in the Philippines.

In, 2023 it had gross income of PHP 1,500,000 and expenses of PHP 650,000 on its isolated transaction in the Philippines

The income tax due is

PHP 375,000

PHP 212,500

PHP 300,000

PHP 450,000

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