Compute the income taxdue if SandboxCorporation which is anMSME domesticcorporation reported thefollowing gross incomeand expenses in 2021:Gross incomeDeductionsTaxable incomePhilippines AbroadP400,000200,000P 200.000P300,000150,000P150,000TotalP700,000350,000P350.000

Taxable income is the income earned by a person and he\she is liable to pay tax on it. Corporate…

Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: Philippines Abroad P400,000 200.000 P 200.000 Total P700,000 350.000 P350.000 Gross income P300,000 150.000 PIS0.000 Deductions Jaxable income

Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: Philippines Abroad P400,000 200.000 P 200.000 Total P700,000 350.000 P350.000 Gross income P300,000 150.000 PIS0.000 Deductions Jaxable income

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

Compute the income tax
due if Sandbox
Corporation which is an
MSME domestic
corporation reported the
following gross income
and expenses in 2021:
Gross income
Deductions
Taxable income
Philippines Abroad
P400,000
200,000
P 200.000
P300,000
150,000
P150,000
Total
P700,000
350,000
P350.000

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