The TAXABLE NET INCOME • The INCOME TAX DUE is: 2 The INCOME TAX PAYABLE is: 3.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Question 3
A domestic corporation has
the following data on
income and expenses
during the year 2X18:
Gross
Income,
P10,000,000
Philippines
Business
Expense,
2,000,000
Philippines
Gross
Income,
5,000,000
Chinal
Business
Expenses,
1,500,000
China
Interest
Income,
Shanghai
100,000
Banking
Corporation,
China
Rent Income,
net of 5%
190,000
withholding
tax
The TAXABLE NET INCOME
is: 1.
• The INCOME TAX DUE is: 2.
• The INCOME TAX PAYABLE
is: 3.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0bc48437-e1fc-40dc-aab0-b3061ca7f6fc%2F67b37880-68bb-4485-9ce0-8365d1005c16%2Fiyo7j5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 3
A domestic corporation has
the following data on
income and expenses
during the year 2X18:
Gross
Income,
P10,000,000
Philippines
Business
Expense,
2,000,000
Philippines
Gross
Income,
5,000,000
Chinal
Business
Expenses,
1,500,000
China
Interest
Income,
Shanghai
100,000
Banking
Corporation,
China
Rent Income,
net of 5%
190,000
withholding
tax
The TAXABLE NET INCOME
is: 1.
• The INCOME TAX DUE is: 2.
• The INCOME TAX PAYABLE
is: 3.
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