Compute for the following Cost of Sales Gross Profit from Sales
The following are the financial information for Masigasig Company during the taxable year:
Sales P 1200,000
Sales returns and allowances 15,000 Loss of property during typhoon 30,000
Sales Discount 8,000 Dividends income from domestic corp. 31,000
Purchases P300,000 Dividends income from foreign corp. 18,000
Purchases discounts 10,000 Rent income 12,000
Purchase returns 40,000 Commission Income 16,000
Transportation in 5,000 Interest from savings deposit 14,000
Freight out 4,000 Interest from notes receivable 6,000
Inventory, end 50,000 Gain on sale used equipment 5,000
Inventory, beginning 20,000 Gain on sale of real property held 100,000
Gain on sale of stock not trade 220,000 as capital asset SP 400,000,cost 300,000
(SP, 400,000, cost 180,000) FMV, P380,000
Marketing expenses, P300,000
Administrative expenses, P22 5,000
Income Tax paid on the previous quarter, P 75, 800
Compute for the following
- Cost of Sales
- Gross Profit from Sales
- Gross income
- MCIT
- Normal Tax
- Income Tax Payable
- If the company opted to use optional standard deduction, how much would be the income tax payable?
- Final
Tax - Capital Gain Tax
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