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axable year 2X18: Tuition Fees Miscellaneous Fees Interest on Bank Deposits Rent Income Salaries and Bonuses, all personnel OHL P 12,800,000 1,800,000 12,300 350,000 7,500,000 0.500 000

axable year 2X18: Tuition Fees Miscellaneous Fees Interest on Bank Deposits Rent Income Salaries and Bonuses, all personnel OHL P 12,800,000 1,800,000 12,300 350,000 7,500,000 0.500 000

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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3. Norte De University, a proprietary educational institution, has the following selected information for the taxable year 2X18: Tuition Fees Miscellaneous Fees Interest on Bank Deposits Rent Income Salaries and Bonuses, all personnel Other Operating Expenses Quarterly Income Tax Payments P 12,800,000 1,800,000 12,300 350,000 7,500,000 3,500,000 48,000 An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a depreciable life of 50 years. a. Compute the income tax payable assuming the university opted to claim the cost of construction as an outright expense. b. Compute the income tax payable assuming the university opted to capitalize the cost of building construction. 3
Transcribed Image Text:3. Norte De University, a proprietary educational institution, has the following selected information for the taxable year 2X18: Tuition Fees Miscellaneous Fees Interest on Bank Deposits Rent Income Salaries and Bonuses, all personnel Other Operating Expenses Quarterly Income Tax Payments P 12,800,000 1,800,000 12,300 350,000 7,500,000 3,500,000 48,000 An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a depreciable life of 50 years. a. Compute the income tax payable assuming the university opted to claim the cost of construction as an outright expense. b. Compute the income tax payable assuming the university opted to capitalize the cost of building construction. 3
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