1. Winter Corporation, a domestic corporation had the following record of income and expenses in 2022:Gross income from operations PHP 1,540,000Expenses PHP 654,000Dividend from foreign corporation, no reinvested in the following year PHP 95,000Royalties, Philippines PHP 230,000Royalties, USA PHP 175,000Interest on peso deposit with Metrobank PHP 8,000Interest on dollar deposit with BP ($1=PHP 50) USD 200The taxable income on Winter Corporation isa. PHP 1,156,000b. PHP 1,540,000c. PHP 641,000d. PHP 1,810,000 2. In Yoop Corporation had the following items of income and expenses in 2023Gross receipts PHP 1,000,000Cost of services PHP 850,000Dividends from a domestic company PHP 35,000General and administrative expenses PHP 120,000The income tax due on In Yoop Corporation isA. PHP 7,500B. PHP 9,000C. PHP 2,250D. PHP 30,000

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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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1. Winter Corporation, a domestic corporation had the following record of income and expenses in 2022:

Gross income from operations		PHP 1,540,000
Expenses			PHP 654,000
Dividend from foreign corporation,
no reinvested in the following year		PHP 95,000
Royalties, Philippines		PHP 230,000
Royalties, USA			PHP 175,000
Interest on peso deposit with Metrobank	PHP 8,000
Interest on dollar deposit with BP ($1=PHP 50)	USD 200

The taxable income on Winter Corporation is

a. PHP 1,156,000

b. PHP 1,540,000

c. PHP 641,000

d. PHP 1,810,000

2. In Yoop Corporation had the following items of income and expenses in 2023

Gross receipts		PHP 1,000,000
Cost of services		PHP 850,000
Dividends from a domestic company	PHP 35,000
General and administrative expenses	PHP 120,000

The income tax due on In Yoop Corporation is

A. PHP 7,500

B. PHP 9,000

C. PHP 2,250

D. PHP 30,000

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