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Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: Sales P1, 830,000.00 392.000.00 P1, 438,000.00 Less: COGS Gross Profit Less: Operating Expenses Net Income 200,500.00 P1.237.500.00 1. How much is the taxable income? 2. How much is the Tax Due? 3. What tax schedule did you use for the computation? 4. What tax schedule bracket did you use? 5. What can you say about the procedure in Income Tax computation under TRAIN law?

Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: Sales P1, 830,000.00 392.000.00 P1, 438,000.00 Less: COGS Gross Profit Less: Operating Expenses Net Income 200,500.00 P1.237.500.00 1. How much is the taxable income? 2. How much is the Tax Due? 3. What tax schedule did you use for the computation? 4. What tax schedule bracket did you use? 5. What can you say about the procedure in Income Tax computation under TRAIN law?

FINANCIAL ACCOUNTING
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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Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: Sales P1, 830,000.00 392.000.00 P1, 438,000.00 Less: COGS Gross Profit Less: Operating Expenses Net Income 200,500.00 P1.237.500.00 1. How much is the taxable income? 2. How much is the Tax Due? 3. What tax schedule did you use for the computation? 4. What tax schedule bracket did you use? 5. What can you say about the procedure in Income Tax computation under TRAIN law?
Transcribed Image Text:Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: Sales P1, 830,000.00 392.000.00 P1, 438,000.00 Less: COGS Gross Profit Less: Operating Expenses Net Income 200,500.00 P1.237.500.00 1. How much is the taxable income? 2. How much is the Tax Due? 3. What tax schedule did you use for the computation? 4. What tax schedule bracket did you use? 5. What can you say about the procedure in Income Tax computation under TRAIN law?
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