The result of operation of MPG Corporation for 2018 whose taxable year is on a calendar year basis, is as follows: Gross Income Deductions Net income 1st quarter (Jan 1 to March 31) P500,000 P300,000 P200,000 2nd quarter (April 1 to June 30) 600,000 350,000 250,000 3rd quarter (July 1 to Sept 30) 700,000 400,000 300,000 4th quarter (Oct 1 to Dec 31) 800,000 450,000 350,000 The tax credit for overpaid income tax for the preceding year is P50,000 1. Income tax due in the 1st quarter is 2 Income tax due in the 2nd quarter is 3. Income tax due in the 4th quarter is NOTE: Answers are in numerical form. COMMA, PESO SIGN and other characters are NOT REQUIRED.

The result of operation of MPG Corporation for 2018 whose taxable year is on a calendar year basis, is as follows: Gross Income Deductions Net income 1st quarter (Jan 1 to March 31) P500,000 P300,000 P200,000 2nd quarter (April 1 to June 30) 600,000 350,000 250,000 3rd quarter (July 1 to Sept 30) 700,000 400,000 300,000 4th quarter (Oct 1 to Dec 31) 800,000 450,000 350,000 The tax credit for overpaid income tax for the preceding year is P50,000 1. Income tax due in the 1st quarter is 2 Income tax due in the 2nd quarter is 3. Income tax due in the 4th quarter is NOTE: Answers are in numerical form. COMMA, PESO SIGN and other characters are NOT REQUIRED.

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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