XYZ Corporation, a manufacturer, has a gross sales of P 1 9 0 1 9 0 M
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Question:
XYZ Corporation, a manufacturer, has a gross sales of P190M for CY 2021, its 2nd year of operation. Its total assets
amounted to P50M, net of the value of the land of P6M where its manufacturing plant and business operations are situated. Its
cost of sales and allowable operating expenses amounted to P100M and P50M, respectively. Compute for its Income Tax
Due for CY 2021.
a. P10,000,000
b. P8,000,000
c. P12,000,000
d. Exempt
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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