Corp., a DC, registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000
Corp., a DC, registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
ABC Corp., a DC, registered in 2010 made available the following financial information for TY2021:
Asset - Php 500,000
Liability - Php 100,000
Income Statement:
Gross sales - Php 100,000,000
Cost of sales – Php 60,000,000
Operating Expenses - Php 30,000,000
How much is the excess MCIT which can be carried forward in 2022? Consider CREATE Law
Group of answer choices
Php 400,000
Php 2,100,000
Php 0
Php 800,000
Transcribed Image Text:ABC Corp., a DC, registered in 2010 made available the following financial information
for TY2021:
Balance Sheet:
Asset - Php 500,000
Liability - Php 100,000
Stockholders' Equity - Php 400,000
Income Statement:
Gross sales - Php 100,000,000
Cost of sales - Php 60,000,000
Operating Expenses - Php 30,000,000
How much is the excess MCIT which can be carried forward in 2022? Consider CREATE
Law
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