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The following are the composition of the total gross income of ABC Corp. a domestic corporation which is subject to MCIT for the year 2021: P4,000,000 2,400,000 P1,600,000 100,000 250,000 P 150,000 P2,100,000 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

The following are the composition of the total gross income of ABC Corp. a domestic corporation which is subject to MCIT for the year 2021: P4,000,000 2,400,000 P1,600,000 100,000 250,000 P 150,000 P2,100,000 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

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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What is the MCIT of ABC Corporation?
 
P21,000
P42,000
P17,500
P16,000
The following are the composition of the total gross income of ABC Corp. a domestic corporation which is subject to MCIT for the year 2021: Sales, net of discounts and allowances Less: Cost of sales P4,000,000 2,400,000 P1,600,000 100,000 250,000 P 150,000 P2,100,000 Gross income from operations Dividend income Royalty income Gain on sale of building Total gross income
Transcribed Image Text:The following are the composition of the total gross income of ABC Corp. a domestic corporation which is subject to MCIT for the year 2021: Sales, net of discounts and allowances Less: Cost of sales P4,000,000 2,400,000 P1,600,000 100,000 250,000 P 150,000 P2,100,000 Gross income from operations Dividend income Royalty income Gain on sale of building Total gross income
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