What is the MCIT of ABC Corporation? P21,000P42,000P17,500P16,000 The following are the composition ofthe total gross income of ABC Corp.a domestic corporation which issubject to MCIT for the year 2021:Sales, net of discounts and allowancesLess: Cost of salesP4,000,0002,400,000P1,600,000100,000250,000P 150,000P2,100,000Gross income from operationsDividend incomeRoyalty incomeGain on sale of buildingTotal gross income

MCIT is also written as minimum corporate income tax. Given that, Gross income from operations =…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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