Answered: 1. In 2020, X Corporation had the…

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. In 2020, X Corporation had the following data: Sales of 1M and cost /expenses of 500,000. Can we apply the 8% rate in the computation of income tax? 2. A, Canadian citizen living in Manila, has the following income in 2019: interest income from loan granted to resident of Cebu amounting to 50,000; salary for services rendered in Italy of 100,000; sale of personal property with gain of 300,000 (located in Manila); rental income from properties located in Japan of 100,000. What is the income tax due of A under the GTR? 3. Asta, non-resident alien not engaged in business in the Philippines, has the following income for 2019: Business income in USA of 7,000,000 and; Other income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta? 4. In 2019, A, employee of MCDO Corp, has an annual salary of 2.5M only. Can A avail the 8%?

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