Income Taxation Ikindly go over the following exercises for Corporations following the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Act, Republic Act No. 11534 Present your solutions in logical and good accounting form  XYZ Corporation, a manufacturer, has a gross sales of P190M for CY 2021, its 2nd year of operation. Its total assets amounted to P50M, net of the value of the land of P6M where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expenses amounted to P100M and P85M, respectively. Compute for its Income Tax Due for CY 2021.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Income Taxation
Ikindly go over the following exercises for Corporations following the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Act, Republic Act No. 11534

Present your solutions in logical and good accounting form

 XYZ Corporation, a manufacturer, has a gross sales of P190M for CY 2021, its 2nd year of operation. Its total assets amounted to P50M, net of the value of the land of P6M where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expenses amounted to P100M and P85M, respectively. Compute for its Income Tax Due for CY 2021.

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