Compute for the Income tax Given: Taxpayer is a proprietary educational institution. Taxable period is 2021. Financial data: Related Activities Unrelated Activities Gross Income P 15,000,000 P 25,000,000 Expenses 5,000,000 11,000,000 Net 10,000,000 14,000,000 A. P140,000 B. P240,000 C. P3,500,000 D. P6,000,000

Compute for the Income tax Given: Taxpayer is a proprietary educational institution. Taxable period is 2021. Financial data: Related Activities Unrelated Activities Gross Income P 15,000,000 P 25,000,000 Expenses 5,000,000 11,000,000 Net 10,000,000 14,000,000 A. P140,000 B. P240,000 C. P3,500,000 D. P6,000,000

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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Question

Multiple-choice question

Compute for the Income tax

Given:

Taxpayer is a proprietary educational institution.
Taxable period is 2021.
Financial data:

	Related Activities	Unrelated Activities
Gross Income	P 15,000,000	P 25,000,000
Expenses	5,000,000	11,000,000
Net	10,000,000	14,000,000

A. P140,000

B. P240,000

C. P3,500,000

D. P6,000,000

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