Question 5 of 43Fill in the blanks:La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as folleNormal Corporate Minimum CorporateYearExcess of MCIT over NCITIncome TaxIncome TaxP75,00020,00010300,00040,00045,00032,00049.000C2005P25,000P100,0002006130,000150,0002007200,000190,00020080300,000200910,00050,000201015,00060.00020118,00040,00020121,00050,000Income tax still due and payable for 2006 isNOTE Answers are merical form. COMMA, PESO SIGN and< PreviousType here to searchShot on OnePlusPowered by Triple CameraO BW28°C Light

For the year 2006, Normal Corporate Income Tax {NCIT} = 130,000 Minimum Corporate Income Tax {MCIT}…

Fill in the blanks La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as fol Normal Corporate Minimum Corporate Year Excess of MCIT over NCIT Income Tax Income Tax 2005 P25,000 P75,000 2006 130,000 20,000 2007 200,000 2008 0 300.000 2009 10,000 40,000 2010 15,000 45,000 2011 8,000 32,000 2012 1,000 49.000 Income tax still due and payable for 2006 is NOTE Answers are in numerical form COMMA P100,000 150,000 190,000 300,000 50,000 60.000 40,000 50,000

Fill in the blanks La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as fol Normal Corporate Minimum Corporate Year Excess of MCIT over NCIT Income Tax Income Tax 2005 P25,000 P75,000 2006 130,000 20,000 2007 200,000 2008 0 300.000 2009 10,000 40,000 2010 15,000 45,000 2011 8,000 32,000 2012 1,000 49.000 Income tax still due and payable for 2006 is NOTE Answers are in numerical form COMMA P100,000 150,000 190,000 300,000 50,000 60.000 40,000 50,000

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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