19 A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000   How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction?   Group of answer choices Php 600,000 Php 500,000 Php 480,000 Php 400,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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19 A taxpayer registered in 2010 made available the following financial information for TY2021:

Balance Sheet:

Asset - Php 50,000,000

Liability - Php 30,000,000

Stockholders' Equity - Php 20,000,000

Income Statement:

Gross sales - Php 10,000,000

Cost of sales – Php 6,000,000

Operating Expenses - Php 2,000,000

 

How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction?  

Group of answer choices
Php 600,000
Php 500,000
Php 480,000
Php 400,000
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