Fearless Corporation, a dealer in sugar under the brand Mr. Perfectly Refined Sugar, has gross sales...

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Fearless Corporation, a dealer in sugar under the brand Mr. Perfectly Refined Sugar, has gross sales of P1,400,000,000 with cost of sales of P560,000,000 and allowable deductions of P150,000,000 for calendar year 2020. Fearless Corporation began operating in 1989. Fearless Corporation's total assets of P180,000,000 includes the land and building in which the business is situated, amounting to P50,000,000 and P25,000,000, respectively. Applying CREATE Law, how much is Fearless Corporation's income tax due? Fearless Corporation, a dealer in sugar under the brand Mr. Perfectly Refined Sugar, has gross sales of P1,400,000,000 with cost of sales of P560,000,000 and allowable deductions of P150,000,000 for calendar year 2020. Fearless Corporation began operating in 1989. Fearless Corporation's total assets of P180,000,000 includes the land and building in which the business is situated, amounting to P50,000,000 and P25,000,000, respectively. Applying CREATE Law, how much is Fearless Corporation's income tax due?

Answer rating: 100% (QA)

SOLUTION Gross sales P1400000000 Cost of sales P560000000 Gross profit P14... View the full answer