ABC Corporation, a domestic corporation had the following data for 2021 taxable year: 5,000,000 2,000,000 500,000 Sales Cost of goods sold General selling and administrative expenses Interest income from Philippine bank deposit Rental income (net of 5% withholding tax) Dividend income: From domestic corporation From foreign corporation 100,000 190,000 60,000 50,000 Capital gains from sale of domestic shares of stocks sold directly to buyer Dividend declared and paid during the year Retained Earnings, 12/31/2017 Par Value of outstanding shares, 12/31/2018 Appropriation for future plant expansion 75,000 500,000 1,000,000 500,000 800,000

ABC Corporation, a domestic corporation had the following data for 2021 taxable year: 5,000,000 2,000,000 500,000 Sales Cost of goods sold General selling and administrative expenses Interest income from Philippine bank deposit Rental income (net of 5% withholding tax) Dividend income: From domestic corporation From foreign corporation 100,000 190,000 60,000 50,000 Capital gains from sale of domestic shares of stocks sold directly to buyer Dividend declared and paid during the year Retained Earnings, 12/31/2017 Par Value of outstanding shares, 12/31/2018 Appropriation for future plant expansion 75,000 500,000 1,000,000 500,000 800,000

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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