Sterling Corporation is a corporation organized under Philippine laws in 2006. The company began its operation...

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Sterling Corporation is a corporation organized under Philippine laws in 2006. The company began its operation in March of the same year. The following forms part of its records: 2009 2010 2011 P4,400,000 P5,850,000 P6,220,000 P9,000,000 1,340,000 3,000,000 3,150,000 5,175,000 2,630,000 2,800,000 Operating Expenses 2,000,000 2,455,000 REQUIRED: a) Compute the corporate income tax rate for each of the four years. b) Compute the minimum corporate income tax. Which years are covered? c) Compute the income tax payable for the years 2009, 2010, 2011, 2012. Sales Cost of Sales 2012 Sterling Corporation is a corporation organized under Philippine laws in 2006. The company began its operation in March of the same year. The following forms part of its records: 2009 2010 2011 P4,400,000 P5,850,000 P6,220,000 P9,000,000 1,340,000 3,000,000 3,150,000 5,175,000 2,630,000 2,800,000 Operating Expenses 2,000,000 2,455,000 REQUIRED: a) Compute the corporate income tax rate for each of the four years. b) Compute the minimum corporate income tax. Which years are covered? c) Compute the income tax payable for the years 2009, 2010, 2011, 2012. Sales Cost of Sales 2012

Answer rating: 100% (QA)

To compute the corporate income tax rate for each of the four years we need to determine the taxable income and divide it by the net sales a Corporate ... View the full answer