The records of Acme Corporation, domestic, orgval engaged in retail, how the
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:Problem 3:
The records of Acme Corporation, domestic, organized in 2016, engaged in retail, show the
following in calendar years 2019, 2020, 2021 (apply MCIT)
2023
2,100,200
510,100
2021
2022
Sales
1,800,000 1,740,000
430,000
Cost of Sales
110,000
Operating Expenses
Non-operating income
CWT per BIR Form 2307
1,740,200 1,600,000
1,300,400
230,000
400,000
18,000
70,000
2,500
21,002
The corporation had excess tax credits at the end of 2020 in the amount of P15,000. The
corporation chooses to credit in future years any excess tax credits it may have in a taxable year
(apply MCIT)
5. Compute the tax due and tax payable for 2021
6. Compute the tax due and tax payable for 2022
7. Compute the tax due and tax payable for 2023
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