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XY is a  domestic corporation. 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           1.what is the regular CORPORATE INCOME TAX in 2021- show computation 275,000 220,000 25,000 20,000 2.  Compute for the NET TAXABLE in 2021 show computation 1,100,000 1,000,000 100,000 Zero

XY is a  domestic corporation. 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           1.what is the regular CORPORATE INCOME TAX in 2021- show computation 275,000 220,000 25,000 20,000 2.  Compute for the NET TAXABLE in 2021 show computation 1,100,000 1,000,000 100,000 Zero

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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XY is a  domestic corporation. 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

 

 

 

 

 

1.what is the regular CORPORATE INCOME TAX in 2021- show computation

  1. 275,000
  2. 220,000
  3. 25,000
  4. 20,000

2.  Compute for the NET TAXABLE in 2021 show computation

  1. 1,100,000
  2. 1,000,000
  3. 100,000
  4. Zero
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