ABC Corp., a pharmaceutical company registered in 2020 had made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity Php 400,000 Income Statement: Gross sales - Php 5,000,000,000 Cost of sales Php 4,000,000,000 Operating Expenses - Php 500,000,000 How much is the income tax due under CREATE Law?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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ABC Corp., a pharmaceutical company registered in 2020 had made available the
following financial information for TY2021:
Balance Sheet:
Asset - Php 500,000
Liability - Php 100,000
Stockholders' Equity - Php 400,000
Income Statement:
Gross sales - Php 5,000,000,000
Cost of sales Php 4,000,000,000
Operating Expenses - Php 500,000,000
How much is the income tax due under CREATE Law?
Transcribed Image Text:ABC Corp., a pharmaceutical company registered in 2020 had made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 5,000,000,000 Cost of sales Php 4,000,000,000 Operating Expenses - Php 500,000,000 How much is the income tax due under CREATE Law?
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