Reference no: EM132999104
Question - The following information were taken from the records of PARTY LIST, Incorporated, a domestic corporation already on its 5th year of operations:
BUSINESS TRANSACTIONS AMOUNT
Gross sales P 4,220,000
Sales Returns and Allowance 20,000
Cost of sales 1,100,000
Capital gain on sale of shares of stock of a Domestic Corp directly to buyer 100,000
Dividend from Domestic Corp 20,000
Dividend from Foreign Corp 10,000
Interest on bank deposit, Philippines 20,000
Interest on trade receivable 50,000
Business expenses broken down:
Salaries and wages 874,300
Rent expense 85,000
Advertising expense 70,000
Bad debts 30,000
Charitable contributions 15,000
Depreciation 35,000
Amusement and recreation 40,000
Interest expense 60,000
Calamity losses 50,000
Research and Development 95,700
SSS and Philhealth Employer Contribution 375,000
Taxes and Licenses 270,000
Travel and Transportation expenses 100,000
Income tax withheld 115,000
Quarterly income tax payments 160,000
Income tax payable prior year (10,000)
REQUIRED - How much is the Company's income tax payable at the end of the year?
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