How much is the income tax payable in 2022? For questions 31 and 32Dalagang Pilipina Company was incorporated on June 12, 1898. It uses the fiscal year whichbegins from May 1 and ends on April 30 of the next year. For the years ending April 30, 2022and April 30, 2023, the following are the results of operations:202214,000,000 16,000,000(8,000,000) (9,000,000)6,000,000(5,930,000)70,0002023SalesLess: Cost of salesGross profitLess: ExpensesNet income7,000,000(3,500,000)3,500,000Dalagang Pilipina Company has assets amounting to P240,000,000 which includes a parcel ofland amounting to P50,000,000.

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For questions 31 and 32 Dalagang Pilipina Company was incorporated on June 12, 1898. It uses the fiscal year which begins from May 1 and ends on April 30 of the next year. For the years ending April 30, 2022 and April 30, 2023, the following are the results of operations: 2022 2023 Sales 14,000,000 16,000,000 Less: Cost of sales (8,000,000) (9,000,000) Gross profit 6,000,000 7,000,000 Less: Expenses (5,930,000) (3,500,000) Net income 70,000 3,500,000 Dalagang Pilipina Company has assets amounting to P240,000,000 which includes a parcel of land amounting to P50,000,000.

For questions 31 and 32 Dalagang Pilipina Company was incorporated on June 12, 1898. It uses the fiscal year which begins from May 1 and ends on April 30 of the next year. For the years ending April 30, 2022 and April 30, 2023, the following are the results of operations: 2022 2023 Sales 14,000,000 16,000,000 Less: Cost of sales (8,000,000) (9,000,000) Gross profit 6,000,000 7,000,000 Less: Expenses (5,930,000) (3,500,000) Net income 70,000 3,500,000 Dalagang Pilipina Company has assets amounting to P240,000,000 which includes a parcel of land amounting to P50,000,000.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 34P

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