The income tax payable of ABC Corporation for the taxable year 2023 is:
42.
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2021 |
2022 |
2023 |
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Assets |
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Current Assets |
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Cash and cash equivalents |
20,000,000 |
30,000,000 |
40,000,000 |
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|
5,000,000 |
20,000,000 |
60,000,000 |
|
Land classified as inventory |
40,000,000 |
38,000,000 |
80,000,000 |
|
Total Current Assets |
P 65,000,000 |
P 88,000,000 |
180,000,000 |
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Non-Current |
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Office Building |
10,000,000 |
12,000,000 |
15,000,000 |
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Land (where office is situated) |
100,000,000 |
100,000,000 |
100,000,000 |
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Total Non-Current Assets |
110,000,000 |
112,000,000 |
115,000,000 |
|
Liabilities |
55,000,000 |
55,000,000 |
80,000,000 |
|
|
120,000,000 |
145,000,000 |
215,000,000 |
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Statement of Comprehensive Income |
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2021 |
2022 |
2023 |
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Gross sales |
P 6,000,000 |
P 20,000,000 |
P 35,000,000 |
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Cost of sales |
2,000,000 |
10,000,000 |
20,000,000 |
|
Expenses |
3,850,000 |
5,000,000 |
5,000,000 |
|
Net income |
P150,000 |
P 5,000,000 |
P 10,000,000 |
The income tax payable of ABC Corporation for the taxable year 2023 is:
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