XYZ Corporation, a closely held domestic corporation, has unappropriated retained earnings in excess of its paid-up capital stock amounting to P20,000,000 and P50,000,000 as of the fiscal years ending June 30, 2020 and June 30, 2021, respectively. How much improperly accumulated earnings tax may the government collect should they subject XYZ to the same?
XYZ Corporation, a closely held domestic corporation, has unappropriated retained earnings in excess of its paid-up capital stock amounting to P20,000,000 and P50,000,000 as of the fiscal years ending June 30, 2020 and June 30, 2021, respectively. How much improperly accumulated earnings tax may the government collect should they subject XYZ to the same?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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XYZ Corporation, a closely held domestic corporation, has unappropriated
retained earnings in excess of its paid-up capital stock amounting to
P20,000,000 and P50,000,000 as of the fiscal years ending June 30, 2020 and
June 30, 2021, respectively. How much improperly
the government collect should they subject XYZ to the same?
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