Assume that NED School is a non-profit private educational institution with permit to operate from DepEd,...

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Assume that NED School is a non-profit private educational institution with permit to operate from DepEd, maintained and administered by RDD Corporation, a private domestic corporation duly registered with the SEC. NED School adopts a Fiscal Year accounting period. Its Financial Statements for FY ending 30 June 2023 showed the following: Education-related activities - Gross receipts Cost of services Operating expenses Unrelated business activities. Gross sales Cost of sales Operating expenses Total assets excluding value of land where its business entity is located P20,000,000 15,000,000 1,800,000 10,000,000 4,500,000 3,200,000 50,000,000 Required; Compute income tax payable by NED School for FY ending 30 June 2023. Assume that NED School is a non-profit private educational institution with permit to operate from DepEd, maintained and administered by RDD Corporation, a private domestic corporation duly registered with the SEC. NED School adopts a Fiscal Year accounting period. Its Financial Statements for FY ending 30 June 2023 showed the following: Education-related activities - Gross receipts Cost of services Operating expenses Unrelated business activities. Gross sales Cost of sales Operating expenses Total assets excluding value of land where its business entity is located P20,000,000 15,000,000 1,800,000 10,000,000 4,500,000 3,200,000 50,000,000 Required; Compute income tax payable by NED School for FY ending 30 June 2023.

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Let us assume the income tax is 30 assuming Philippines as jurisdiction Taxable income receipts ... View the full answer