Qalvin Corporation, a MSME, reported the following gross income and expensesin 2022:Philippines AbroadGross income P400,000 P300,000 P700,000Deductions200,000Total150,000350,000Taxable income P200,000 P150,000 P350,000Compute the income tax due if Qalvin is a Non-profit Entity.

Income tax payable on Net Taxable Income after allowing all deductions. Rate of income tax is 30%.

Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Gross income Philippines Abroad Deductions P400,000 P300,000 Total 200,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Non-profit Entity. 150,000 P700,000 350,000

Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Gross income Philippines Abroad Deductions P400,000 P300,000 Total 200,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Non-profit Entity. 150,000 P700,000 350,000

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

Qalvin Corporation, a MSME, reported the following gross income and expenses
in 2022:
Philippines Abroad
Gross income P400,000 P300,000 P700,000
Deductions
200,000
Total
150,000
350,000
Taxable income P200,000 P150,000 P350,000
Compute the income tax due if Qalvin is a Non-profit Entity.

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