The information provided by ABC Manufacturing Corp. disclosed the following: INCOME STATEMENT Gross Sales Php 50M
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Question:
The information provided by ABC Manufacturing Corp. disclosed the following:
INCOME STATEMENT
Gross Sales – Php 50M
Cost of goods/sales:
Direct materials – Php 10M
Direct labor – Php 10M
Manufacturing overhead – Php 5M
Operating expenses:
Salaries and wages – Php 1M
Professional fees – Php 1M
Supplies – Php 1M
Depreciation – Php 1M
Training expenses* – Php 1M
BALANCE SHEET
Assets – Php 20M
Liability – Php 5M
SHE – Php 15M
*Requirements for an additional deduction on training expenses are complied with.
Compute the income tax.
b. 4,000,000
d. 4,875,000
c. 3,900,000
a. 5,000,000
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