Problem 3:The records of Acme Corporation, domestic, organized in 2016, engaged in retail, show thefollowing in calendar years 2019, 2020, 2021 (apply MCIT)20232,100,200510,10020212022Sales1,800,000 1,740,000430,000Cost of Sales110,000Operating ExpensesNon-operating incomeCWT per BIR Form 23071,740,200 1,600,0001,300,400230,000400,00018,00070,0002,50021,002The corporation had excess tax credits at the end of 2020 in the amount of P15,000. Thecorporation 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 20216. Compute the tax due and tax payable for 20227. Compute the tax due and tax payable for 2023

In Phillipines the CIT is 30% for domestic corporations . But…

Answered: The records of Acme Corporation,…

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Accounting

The records of Acme Corporation, domestic, orgval engaged in retail, how the

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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Concept explainers

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.

Question

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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