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Qalvin Corporation, a MSME, reported the following in 2023: in 2022:                                    Philippines        Abroad           Total Gross income          P500,000         P200,000      P700,000 Direct Deductions     200,000            300,000        500,000 Common Expenses                                                   150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government

Qalvin Corporation, a MSME, reported the following in 2023: in 2022:                                    Philippines        Abroad           Total Gross income          P500,000         P200,000      P700,000 Direct Deductions     200,000            300,000        500,000 Common Expenses                                                   150,000 Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government

FINANCIAL ACCOUNTING
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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Qalvin Corporation, a MSME, reported the following in 2023:

in 2022:

                                   Philippines        Abroad           Total

Gross income          P500,000         P200,000      P700,000

Direct Deductions     200,000            300,000        500,000

Common Expenses                                                   150,000

Compute the income tax due if Qalvin is a Joint Venture formed for the undertaking of construction projects or exploration under service contracts with the government

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