For fiscal year 2021, ABC Corporation, a retailer, has P1.4 billion in gross sales, P560 million in cost of sales, and PI50 million in allowed deductions. According to the Audited Financial Statements, the company's total assets of PI80 million as of December 31, 2021 include P50 million in 1and and P25 million in building costs, with a total of P75 million in fixed assets. calculate the Income Tax Due for CY 2021, assuming ABC Corporation is in its fifth year of operation.
For fiscal year 2021, ABC Corporation, a retailer, has P1.4 billion in gross sales, P560 million in cost of sales, and PI50 million in allowed deductions. According to the Audited Financial Statements, the company's total assets of PI80 million as of December 31, 2021 include P50 million in 1and and P25 million in building costs, with a total of P75 million in fixed assets. calculate the Income Tax Due for CY 2021, assuming ABC Corporation is in its fifth year of operation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:For fiscal year 2021, ABC Corporation, a retailer, has PL4 billion in gross
sales, P560 million in cost of sales, and PI50 million in allowed deductions.
According to the Audited Financial Statements, the company's total assets
of PI80 million as of December 31, 2021 include P50 million in land and P25
million in building costs, with a total of P75 million in fixed assets.
calculate the Income Tax Due for cY 2021, assuming ABC Corporation is in
its fifth year of operation.
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