The BIR was imposing the improperly accumulated profits tax on the accumulation of profits of 2009. În that year, the corporation had: Gross profit from sales Dividend from domestic corporation Capital gain on sale of land (selling price P4M)) 400,000 Interest on Philippine currency bank deposit Business expenses Capital gains tax on sale of land Final tax from interest on bank deposit Income tax on its taxable income Dividends declared and paid P 900,000 20,000 30,000 (400,000) (240,000) ( 6,000) (175,000) (260,000) The improperly accumulate earnings tax is:
The BIR was imposing the improperly accumulated profits tax on the accumulation of profits of 2009. În that year, the corporation had: Gross profit from sales Dividend from domestic corporation Capital gain on sale of land (selling price P4M)) 400,000 Interest on Philippine currency bank deposit Business expenses Capital gains tax on sale of land Final tax from interest on bank deposit Income tax on its taxable income Dividends declared and paid P 900,000 20,000 30,000 (400,000) (240,000) ( 6,000) (175,000) (260,000) The improperly accumulate earnings tax is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education