Fill in the blanks: OhLaLa Trading Corporation reported the following on its fifth year of operation: Sales,net of 1% withholding tax P4,950,000 Cost of sales 2,000,000 Interest from deposits,net of tax 75,000 Gain on sale of domestic stocks directly to buyer 150,000 Casual rent income, net of 5% creditable withholding tax 95,000 Interest income from advances to employees 50,000 Business Expenses 3,100,000 Estimated quarterly payments 10,000 Minimum Corporate Income Tax (MCIT) is NOTE: Answers are in numerical form. COMMA PESO SIGN and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera
Fill in the blanks: OhLaLa Trading Corporation reported the following on its fifth year of operation: Sales,net of 1% withholding tax P4,950,000 Cost of sales 2,000,000 Interest from deposits,net of tax 75,000 Gain on sale of domestic stocks directly to buyer 150,000 Casual rent income, net of 5% creditable withholding tax 95,000 Interest income from advances to employees 50,000 Business Expenses 3,100,000 Estimated quarterly payments 10,000 Minimum Corporate Income Tax (MCIT) is NOTE: Answers are in numerical form. COMMA PESO SIGN and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Fill in the blanks:
OhLaLa Trading Corporation reported the following on its fifth year of operation:
Sales,net of 1% withholding tax
P4,950,000
Cost of sales
2,000,000
Interest from deposits,net of tax
75,000
Gain on sale of domestic stocks directly to buyer
150,000
Casual rent income, net of 5% creditable withholding tax
95,000
Interest income from advances to employees
50,000
Business Expenses
3,100,000
Estimated quarterly payments
10,000
Minimum Corporate Income Tax (MCIT) is
NOTE: Answers are in numerical form. COMMA PESO SIGN and other characters are NOT REQUIRED.
< Previous
Shot on OnePlus
Powered by Triple Camera
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education