Compute the tax due if the corporation is a resident foreign corporation not availing OSD. WJM is a corporation owned by Wenjoy, John Prosper and Mica which was organized in 2015.In the year 2021, the corporation show the following performancePhilippinesAbroadGross Sales7,000,000.005,000,000.00Cost of Sales3,500,000.003,500,000.00Allowable Deductions1,500,000.00300,000.00It's total assests amounted to 120,000,000 comprising cash and inventories only.

Numerous foreign firms and entities conduct business in the Philippines in one manner or another…

WJM is a corporation owned by Wenjoy, John Prosper and Mica which was organized in 2015. In the year 2021, the corporation show the following performance Gross Sales Cost of Sales Allowable Deductions Philippines 7,000,000.00 3,500,000.00 1,500,000.00 Abroad 5,000,000.00 3,500,000.00 300,000.00 It's total assests amounted to 120,000,000 comprising cash and inventories only.

WJM is a corporation owned by Wenjoy, John Prosper and Mica which was organized in 2015. In the year 2021, the corporation show the following performance Gross Sales Cost of Sales Allowable Deductions Philippines 7,000,000.00 3,500,000.00 1,500,000.00 Abroad 5,000,000.00 3,500,000.00 300,000.00 It's total assests amounted to 120,000,000 comprising cash and inventories only.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 45P

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