The University of Saint Augustine Philippines (USAP) was a domestic educational institutionestablished in 1432. It is the first to offer Accountancy, Law, and Medicine in Asia. It has producedmany distinguished alumni, including presidents, statesmen, and saints. For the taxable year endingDecember 31, 2025, the University of Saint Augustine Philippines had the following results ofoperations:Gross ReceiptsFrom tuition feesFrom rentalsFrom sale of school merchandiseTotal gross receiptsLess: Cost of ServicesGross ProfitLess: Operating expensesNet Income14,000,0002,500,0006,300,00022,800,00013,450,0009,350,0005,240,0004,110,000Included in the operating expenses is a full-year depreciation expense in the amount of P1,000,000for a newly acquired building with a useful life of five (5) years. The entire gross receipts wereused for the acquisition of a land for the expansion of the educational institution.If University of Saint Augustine Philippines is a proprietary profit educational institution and it didnot opt to deduct the capital outlay as an expense, how much is income tax due?

In Phillipines as per the provisions of BIR non proprietory i.e non profit…

Answered: y distinguished alumni, i ember 31,…

Business

Accounting

y distinguished alumni, i ember 31, 2025, the Um rations:

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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