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ABC corporation provided the following data for calendar year ending December 31,          2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534)                                                 Philippines                                Abroad                 Gross income                        P4, 000, 000                                $ 40, 000                 Deductions                        2, 500, 000                                $ 15, 000                 Income Tax Paid                                                        $ 3, 000

ABC corporation provided the following data for calendar year ending December 31,          2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534)                                                 Philippines                                Abroad                 Gross income                        P4, 000, 000                                $ 40, 000                 Deductions                        2, 500, 000                                $ 15, 000                 Income Tax Paid                                                        $ 3, 000

FINANCIAL ACCOUNTING
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. ABC corporation provided the following data for calendar year ending December 31,  

       2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534)

                                                Philippines                                Abroad

                Gross income                        P4, 000, 000                                $ 40, 000

                Deductions                        2, 500, 000                                $ 15, 000

                Income Tax Paid                                                        $ 3, 000

 

REQUIRED: Compute for the below:

  1. If it is a resident international carrier, Compute for its income tax.
  2. If it is a non-resident cinematographic film owner/lessor, Compute for its income tax.
  3. If it is a non-resident lessor of vessels, Compute for its income tax.               
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