In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of discounts and allowances 9,500,000 Cost of sales 5,000,000 Gain on sale of building 150,000 Allowable deductions 4,420,000 Compute the MCIT of ABC Corporation. P46,000

In 2021, ABC Corporation which is subject to MCIT has the following records: Sales: net of discounts and allowances 9,500,000 Cost of sales 5,000,000 Gain on sale of building 150,000 Allowable deductions 4,420,000 Compute the MCIT of ABC Corporation. P46,000

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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Question

11. In 2021, ABC Corporation which is subject to MCIT has the following records:

Sales: net of discounts and allowances	9,500,000
Cost of sales	5,000,000
Gain on sale of building	150,000
Allowable deductions	4,420,000

Compute the MCIT of ABC Corporation.

P46,000

P46,500

P93,000

P95,000

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