e Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT First P200,000 P160,000 P40,000 Second 240,000 500,000 60,000 Third 500,000 150,000 80,000 Fourth 300,000 200,000 70,000 Additional information: Excess MCIT from 2020: P60,000 Excess tax credits from 2020: P20,000 1.) How much was the income tax payable for the first quarter? a. 200,000 b. 160,000 c. 120,000 d. 80,000 2.) How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000 3.) How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000
e Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT First P200,000 P160,000 P40,000 Second 240,000 500,000 60,000 Third 500,000 150,000 80,000 Fourth 300,000 200,000 70,000 Additional information: Excess MCIT from 2020: P60,000 Excess tax credits from 2020: P20,000 1.) How much was the income tax payable for the first quarter? a. 200,000 b. 160,000 c. 120,000 d. 80,000 2.) How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000 3.) How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Le Bron Corporation has the following information for 2021 taxable year:
|
Quarter |
RCIT |
MCIT |
CWT |
|
First |
P200,000 |
P160,000 |
P40,000 |
|
Second |
240,000 |
500,000 |
60,000 |
|
Third |
500,000 |
150,000 |
80,000 |
|
Fourth |
300,000 |
200,000 |
70,000 |
Additional information:
- Excess MCIT from 2020: P60,000
- Excess tax credits from 2020: P20,000
1.) How much was the income tax payable for the first quarter?
a. 200,000
b. 160,000
c. 120,000
d. 80,000
2.) How much was the income tax payable for the second quarter?
a. 660,000
b. 460,000
c. 200,000
d. 160,000
3.) How much was the annual income tax payable?
a. 1,260,000
b. 390,000
c. 230,000
d. 930,000
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