Reference no: EM133186118

Question - Robredo Corporation, a business partnership, had the following data of income and expenses:

Gross Income 7,500,000

Expenses 2,000,000

Dividend from domestic corporation 75,000

Interest on bank deposit 10,000

Partners Leni and Kiko share profits and losses in the ratio of 55% and 45%, respectively. Use 25% corporate tax rate.

Required -

1. How much is the income tax payable by Robredo Corporation?

a. Php. 218,750

b. Php. 1,650,000

c. Php. 1,100,000

d. Php. 1,375,000

2. What the final taxes on the respective share of Leni & Kiko in the partnership income?

a. Leni-Php. 231,440 ; Kiko-Php. 189,360

b. Leni-Php. 226,875 ; Kiko-Php. 185,625

c. Leni-Php. 307,065; Kiko-Php. 251,235

d. Leni-Php. 302,500; Kiko-Php. 550,450