Solution-Compute the income tax due

Compute the income tax due

Assignment Help Accounting Basics

Reference no: EM132939964

Question - San Miguel Beer Corporation, a retailer, has a gross sales of P 13,000,000 with cost of sales of P 5,200,000 and allowable deductions of P 1,300,000 for the taxable year ending June 30, 2021. Its total assets of P 145,000,000 as of June 30, 2021 per Audited Financial Statements includes the land costing P 50,000,000 and building of P 20,000,000 in which the business entity is situated, with an aggregate amount of P 70,000 as Fixed Assets. Taxable year 2021 is the 4th year of operation of the corporation, compute the income tax due.

Reference no: EM132939964

Questions Cloud

What is the probability that the sample average is less : The average number of hours of TV viewing per household per week in Australia is 51 hours. What is the probability that the sample average is less than 54 hours

How are managing diversity and affirmative action different : Stereotyping is a major action that leads to potential discrimination. What are some ways as to how to effectively prevent people from forming stereotypes?

Develop management trainees : Many companies used job rotation to develop their management trainees.

Describe the organizational strategy of nurse next door : Consider that your team has been hired by one of Nurse Next Door's franchise owners to make a performance management program for the owner to use with their emp

Compute the income tax due : San Miguel Beer Corporation, a retailer, has a gross sales of P 13,000,000 with cost of sales of P 5,200,000. Compute the income tax due

Explain the process of evaluating the feasibility : Explain the process of evaluating the feasibility of each alternative system

Advantages of max weber bureaucratic blueprint : Please explain the advantages of Max Weber's bureaucratic blueprint to both the management and workers of any organization along with its relevant examples.

Calculate the amount of net profit for the year : Assets and liabilities at 30 September 2016 £ Cash in till register 55 and Bank overdraft 684. Calculate the amount of net profit for the year

Explain the meaning of the term common law : 1. In relation to the sources of law: explain the meaning of the term "common law "and state four characteristics that a custom under African customary law shou

User Account

All Pages

Compute the income tax due

Reference no: EM132939964

Reference no: EM132939964

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT