14 For fiscal year 2021, ABC Corporation, a retailer, has Pl.4 billion ingross sales, P560 million in cost of sales, and PI50 million in alloweddeductions. According to the Audited Financial Statements, thecompany's total assets of Pi80 million as of December 31, 202I includeP50 million in land and P25 million in building costs, with a total of P75million in fixed assets. calculate the Income Tax Due for cY 2021,assuming ABC Corporation is in its fifth year of operation.

Income tax due is the amount being paid by the taxpayer or the business owner over the net income…

For fiscal year 2021, ABC Corporation, a retailer, has PL4 billion in gross sales, P560 million in cost of sales, and PISO million in allowed deductions. According to the Audited Financial Statements, the company's totai assets of Pi80 million as of December 31, 20LI 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.

For fiscal year 2021, ABC Corporation, a retailer, has PL4 billion in gross sales, P560 million in cost of sales, and PISO million in allowed deductions. According to the Audited Financial Statements, the company's totai assets of Pi80 million as of December 31, 20LI 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.

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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