n the 6th year of its operations - 2022, Southeast Maritime Training Center(SMTC), a domestic corporation, has gross revenue of P10,800,000 with a cost of services of P3,300,000 and allowable deductions of P6,450,000. Total assets reflected in the audited Financial Statements amounted to P135,000,000, inclusive of P55,000,000 land and P25,000,000 building in which the main office of the company is situated.

Compute Income Tax.

Answer rating: 100% (QA)

Net Income can be computed as Gross Revenue Cost of Services Allowable Ded... View the full answer