"Easy lang ito" Corporation provided the following data for the calendaryear ending December 31, 2012. ($1=P50) (See image) If it is a residentforeign corporation, its income tax is *PhilippinesP4,000,000P2,500,000Abroad$40,000$15,000$3,000Gross IncomeDeductionsIncome tax paida. P730,000b. P450,000c. P480,000d. P525,000

A resident foreign corporation indicates the foreign corporations conducting business operations in…

Answered: "Easy lang ito" Corporation provided…

"Easy lang ito" Corporation provided the following data for the calendar year ending December 31, 2012. ($1=P50) (See image) If it is a resident foreign corporation, its income tax is *

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

"Easy lang ito" Corporation provided the following data for the calendar
year ending December 31, 2012. ($1=P50) (See image) If it is a resident
foreign corporation, its income tax is *
Philippines
P4,000,000
P2,500,000
Abroad
$40,000
$15,000
$3,000
Gross Income
Deductions
Income tax paid
a. P730,000
b. P450,000
c. P480,000
d. P525,000

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