Balance Sheet: Asset – Php 500,000 Liability – Php 100,000 Stockholders' Equity – Php 400,000 Income Statement: Gross sales – Php 10,000,000 Cost of sales – Php 3,000,000 Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporation a. 1,200,000 b. 70,000 c. 1,800,000 d. 1,500,000
Balance Sheet: Asset – Php 500,000 Liability – Php 100,000 Stockholders' Equity – Php 400,000 Income Statement: Gross sales – Php 10,000,000 Cost of sales – Php 3,000,000 Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporation a. 1,200,000 b. 70,000 c. 1,800,000 d. 1,500,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A taxpayer registered in 2020 made available the following financial information for TY2021:
Asset – Php 500,000
Liability – Php 100,000
Income Statement:
Gross sales – Php 10,000,000
Cost of sales – Php 3,000,000
Operating Expenses – Php 1,000,000
How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporation
a. 1,200,000
b. 70,000
c. 1,800,000
d. 1,500,000
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