(Philippine domestic corporation)Questions:1. How much is the income tax payable for 2020? 2. How much is the income tax payable for 2021? GHI Corporation, a domestic corporation, already on its 5th year of operation as of 2020, hasthe following data:20202021Sales1,700,0002,300,000Cost of Sales1,050,0001,425,000OperatingExpenses675,000480,000

Philippines corporate tax rate:- The corporate income tax rate both for domestic and resident…

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(Philippine domestic corporation) Questions: 1. How much is the income tax payable for 2020? 2. How much is the income tax payable for 2021?

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

(Philippine domestic corporation)

Questions:

1. How much is the income tax payable for 2020?

2. How much is the income tax payable for 2021?

GHI Corporation, a domestic corporation, already on its 5th year of operation as of 2020, has
the following data:
2020
2021
Sales
1,700,000
2,300,000
Cost of Sales
1,050,000
1,425,000
Operating
Expenses
675,000
480,000

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