Answered: is the income tax due if X corporation…

Business

Accounting

is the income tax due if X corporation is a proprietary educational institution

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

A.What is the income tax due if X corporation is a regular domestic corporation?

B.With the same data given above, what is the income tax due if X corporation is a proprietary educational institution?

C.With the same data given above, what is the income tax due if X corporation is an exempt non-profit corporation?

P4,000,000
2,400,000
P1,600,000
100,000
Sales, net of discounts and allowances
Less: Cost of sales
Gross income from operations
Dividend income
Royalty income
Gain on sale of building
Total gross income
250,000
P 150,000
P2,100,000

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