Income Tax Due
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare:
Income Tax Due using eBIR Form

Transcribed Image Text:Mica Thok Enterprise reported the following account bala
Cash and Cash Equivalent
575,815.00
Accounts Receivables
385,000.00
Merchandise Inventory, Dec. 31
712,225.00
Prepaid Expenses
22,400.00
Land
1,200,000.00
Leasehold Improvements
350,000.00
Equipment
750,000.00
Furnitures and Fixtures
250,000.00
Accumulated Depreciation
50,000.00
Accounts Payable
175,000.00
Note Payable
Mica Thok Capital, Jan. 1
1,000,000.00
2,400,565.00
Drawings
150,000.00
Sales
4,500,000.00
Purchases
2,925,000.00
Merchandise Inventory, Jan. 1
655,250.00
Purchase Discount
58,500.00
Sales Discount
90,000.00
Salaries and Wages
360,000.00
Interest Expense
85,000.00
Rent Expense
120,000.00
Advertising Expense
6,000.00
Travelling Expense
12,500.00
Utilities Expenses
150,000.00
Taxes and Licenses
15,750.00
Repairs and Maintenance
13,150.00
Depreciation
50,000.00
Representation
18,200.00
Taxpayer is a single proprietor and has paid
in 3 quarter returns the amount of P 37,450.00
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