How much was the income tax payable for the first quarter?  How much was the income tax payable for the third quarter?  How much was the annual income tax payable?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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ABC Corporation has the following information for the taxable year 2022:

Quarter

RCIT

MCIT

CWT

1st

P200,000

P160,000

P40,000

2nd

240,000

500,000

60,000

3Rd

500,000

150,000

80,000

4th

300,000

200,000

70,000

 

MCIT carry-over from prior year amounts to P60,000 and excess tax credits from prior year amounts to P20,000.

  1. How much was the income tax payable for the first quarter? 
  2. How much was the income tax payable for the third quarter? 
  3. How much was the annual income tax payable? 
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