XY is a domestic corporation in the philippines. The corporation started operating year 2017. The taxable period is 2021yeargross incomedeductionsnet20175,000,0006,000,000-1,000,00020186,000,0005,500,00500,00020196,000,0004,000,0002,000,00020203,000,0004,000,000-1,000,00020215,000,0003,900,0001,100,000 HOW MUCH IS THE regular CORPORATE INCOME TAX THAT SHOULD BE PAID IN 2021275,00050,00025,00020,000ZeroWHAT IS THE NET TAXABLE IN 20211,100,0001,000,000100,000Zero

CIT termed as Corporate income tax which is imposed through the state as well as federal governments…

Answered: XY is a domestic corporation in 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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XY is a domestic corporation in the philippines. The corporation started operating year 2017. The taxable period is 2021

year	gross income	deductions	net
2017	5,000,000	6,000,000	-1,000,000
2018	6,000,000	5,500,00	500,000
2019	6,000,000	4,000,000	2,000,000
2020	3,000,000	4,000,000	-1,000,000
2021	5,000,000	3,900,000	1,100,000

HOW MUCH IS THE regular CORPORATE INCOME TAX THAT SHOULD BE PAID IN 2021

275,000
50,000
25,000
20,000
Zero

WHAT IS THE NET TAXABLE IN 2021

1,100,000
1,000,000
100,000
Zero

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