Case 2: The following data were taken from the financial statement of Rodavia Corporation for 2022:...

 

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Case 2: The following data were taken from the financial statement of Rodavia Corporation for 2022: Philippines (P) Abroad (P) 10,000,000 5,000,000 200,000 3,500,000 2,250,000 2,800,000 1,100,000 100,000 50,000 100,000 Gross Sales Sales Returns Cost of Goods Sold Operating expenses Interest income from trade receivable Interest income from BPI deposits- Philippines Interest income from BPI deposits- USA Interest income- FCDU Income from money market placement Dividend income from domestic corporation Dividend income from resident corporation Dividend income from nonresident corporation Royalty income - in general Royalty income-books Gain on sale of shares of stock of domestic corporation held as capital asset thru local stock exchange; Selling price is P500,000 Gain on sale of shares of stock of domestic corporation held as capital asset directly to buyer; Selling price is P650,000 Gain on Sale or real property in the Philippines not used in business; Cost is P4M and FMV is P8M 150,000 200,000 75,000 45,000 30,000 20,000 120,000 150,000 5,000,000 7. How much is the income tax due and payable if the corporation is a domestic corporation? 8. How much is the final withholding tax on passive income assuming corporation is a resident foreign corporation? 80,000 100,000 30,000 25,000 Case 2: The following data were taken from the financial statement of Rodavia Corporation for 2022: Philippines (P) Abroad (P) 10,000,000 5,000,000 200,000 3,500,000 2,250,000 2,800,000 1,100,000 100,000 50,000 100,000 Gross Sales Sales Returns Cost of Goods Sold Operating expenses Interest income from trade receivable Interest income from BPI deposits- Philippines Interest income from BPI deposits- USA Interest income- FCDU Income from money market placement Dividend income from domestic corporation Dividend income from resident corporation Dividend income from nonresident corporation Royalty income - in general Royalty income-books Gain on sale of shares of stock of domestic corporation held as capital asset thru local stock exchange; Selling price is P500,000 Gain on sale of shares of stock of domestic corporation held as capital asset directly to buyer; Selling price is P650,000 Gain on Sale or real property in the Philippines not used in business; Cost is P4M and FMV is P8M 150,000 200,000 75,000 45,000 30,000 20,000 120,000 150,000 5,000,000 7. How much is the income tax due and payable if the corporation is a domestic corporation? 8. How much is the final withholding tax on passive income assuming corporation is a resident foreign corporation? 80,000 100,000 30,000 25,000

Answer rating: 100% (QA)

7 Domestic corporation are taxable for all income within and without the Philippines Gross Sales 150... View the full answer