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he records of a domestic corporation organized in 2010 show: 2016 2017 2018 2019 Net Sales 3,925,000 4,810,000 5,939,000 6,945,000 Cost of sales 1,950,000 2,710,000 3,465,000 4,180,000 Business expenses including bad debts written off 1,900,

he records of a domestic corporation organized in 2010 show: 2016 2017 2018 2019 Net Sales 3,925,000 4,810,000 5,939,000 6,945,000 Cost of sales 1,950,000 2,710,000 3,465,000 4,180,000 Business expenses including bad debts written off 1,900,

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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The records of a domestic corporation organized in 2010 show:

2016 2017 2018 2019

Net Sales 3,925,000 4,810,000 5,939,000 6,945,000

Cost of sales 1,950,000 2,710,000 3,465,000 4,180,000

Business expenses including bad

debts written off 1,900,000 2,000,000 2,520,000 2,400,000

Other taxable income 25,000 100,000 26,000 35,000

Recovery of bad debts written off:

 In 2016 60,000

 In 2017 10,000

The income tax payable for 2016, 2017, 2018, and 2019:

a. ₱ 30,000, ₱78,000, ₱0, ₱73,000

b. ₱ 40,000, ₱68,000, ₱50,000, ₱67,000

c. ₱ 58,500, ₱60,000, ₱18,000, ₱67,000

d. None of the above.

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