ABC Inc., a domestic corporation registered with BIR since 2015, has the following data for 2021 &
Question:
ABC Inc., a domestic corporation registered with BIR since 2015, has the following data for 2021 & 2022 taxable years:
2021 | 2022 | |
Gross receipts | 11,500,000 | 120,000,000 |
Discounts and allowances | 2,500,000 | |
Salaries of personnel directly involved in rendering services | 3,000,000 | 38,000,000 |
Salaries of administrative personnel | 1,000,000 | 12,000,000 |
Fees of consultants directly involved in rendering service | 500,000 | 16,000,000 |
Rental of equipment used in rendering services | 700,000 | 15,000,000 |
Rental of office space for use of admin personnel | 500,000 | 5,000,000 |
Other operating expenses | 4,200,000 | 23,000,000 |
Questions:
1. Income tax due and payable in 2021?
- 2. Income tax due and payable in 2022?
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow