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- What is the income tax due if X corporation is a regular domestic corporation? P75,000 P60,000 P50,000 P25,000GIVEN: Тахрауer: Tax period: Domestic corporation 2021 IN (Phils) P5,550,000 2,100,000 550,000 200,000 OUT (Abroad) 8,000,000 3,000,000 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income 5,000,000 9,250,000 6,500,000 COMPUTE: Taxable income subject to REGULAR income A. 8,450,000 В. 13,450,000 C. 22,700,000 D. 29,200,000Red Velvet Corporation, a domestic corporation has the following data. 2021 2022 Gross Income 3,500,000.00 2,400,000.00 Taxable Income 125,000.00 500,000.00 The income tax payable for 2021 is 31,250 40,000 35,000 37,500
- Calculate the corporate income tax for each of the following corporate taxable incomes. a. $15,000 b. $88,000 c. $180,000 d. $400,000 e. $16,700,000A Corporation had the following data concerning selected financial data taken from the records listed below.For the year ended December 312021 2020Cash 80,000 640,000Note and account receivable 400,000 1,200,000Merchandise Inventory 720,000 1,200,000Marketable Securities 240,000 80,000Land and Building (net) 2,720,000 2,880,000Bond Payable 2,160,000 2,240,000Account Payable 560,000 880,000Note Payable Short Term 160,000 320,000Sales (20% cash, 80% credit) 18,400,000 19,200,000Cost of Good Sold 8,000,000 11,200,000Required : Compute the following ratios1. current ratio as of December 31,20212. Quick ratio as of December 31, 20213. Account Receivable Turnover ratio for 20214. Merchandise inventory turn over for 20215. The Gross margin for 20206. the average age of account Receivable for 2021( use 360 daysOreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporation
- 35. A domestic corporation has the following income and expenses for 2021 taxable year: Gross sales P20,000,000 Cost of sales 10,000,000 3,800,000 48,0000,000 Operating expenses Assets How much is the income tax due? a. P1,240,000 b. P1,550,000 36. ABC Corporation, a domestic corporation has the following income and expenses for 2021 taxable year: Gross sales Cost of sales Operating expenses c. P1,860,000 d. P3,000,000 How much is the income tax due? a. P600,000 b. P700,000 P20,000,000 10,000,000 6,500,000 c. P800,000 d. P875,000The following information relates to the Gates Corporation: Net assets, end of year P650,000 Net assets, beginning of year 300,000 Additional investment by shareholders 100,000 Dividends paid 150,000 Other comprehensive income for the year 80,000 Profit for the year is a. 350,000 b. 400,000 c. 320,000 d. 480,000Walang Kayo Company Question: Under accrual basis, what amount should be reported as gross sales for the current year? a. P6,650,000 b. P6,600,000 c. P6,350,000 d. P6,550,000
- What is the final tax rate of dividend income earned by a domestic corporation from another domestic corporation? A. 10% B. 20% C. 30% D. NoneThe following information relates to the Bondoc Corporation: Sales Revenue 9,000,000 Net assets, end of year 500,000 Net assets, beginning of year 300,000 Additional Investment by shareholders 100,000 Profit of the year 200,000 other comprehensive income for the year 50,000 Compute the amount of dividends paid during the year A. 550,000 B. 200,000 C. 150,000 D. 50,00039. Dividends declared by Foreign Corporations to Domestic Corporation is * a. Subject to 20% Final Tax b. Is exempt from tax c. Subject to regular income tax d. Subject to final tax of 15% 40. Which accounting method record sales based on the cash flows a. Accrual Basis Method O b. Cash Basis Method c. Money Flow Method O d. Sales Flow Method