GIVEN: • Taxpayer: Domestic corporation Tax period: 2021 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income COMPUTE: Taxable income subject to REGULAR income O A. 8,450,000 O B. 13,450,000 O C. 22,700,000 D. 29,200,000 IN (Phils) P5,550,000 2,100,000 550,000 200,000 6,500,000 OUT (Abroad) 8,000,000 3,000,000 5,000,000 9,250,000

GIVEN: • Taxpayer: Domestic corporation Tax period: 2021 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income COMPUTE: Taxable income subject to REGULAR income O A. 8,450,000 O B. 13,450,000 O C. 22,700,000 D. 29,200,000 IN (Phils) P5,550,000 2,100,000 550,000 200,000 6,500,000 OUT (Abroad) 8,000,000 3,000,000 5,000,000 9,250,000

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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Similar questions

1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?
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A 17
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