In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and allowances php 9,500,000 cost of sales php 5,000,000 gain on sale of building php 150,000 allowable deductions php 4,420,000 Compute the income tax payable of XYZ Corporation

In 2021 XY corporation is subject to MCIT has the following records Sales: net of discounts and allowances php 9,500,000 cost of sales php 5,000,000 gain on sale of building php 150,000 allowable deductions php 4,420,000 Compute the income tax payable of XYZ Corporation

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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Question

In 2021 XY corporation is subject to MCIT has the following records

Sales: net of discounts and allowances	php 9,500,000
cost of sales	php 5,000,000
gain on sale of building	php 150,000
allowable deductions	php 4,420,000

Compute the income tax payable of XYZ Corporation

P46,000
P46,500
P76,000
P95,000

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