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Angeles School of Business is a private educational institution recognized by the government. The following are the data for the fiscal year ending June 30, 2019: Tuition fee P 12,800,000 Miscellaneous fees 1,800,000 Interest income on bank deposits 12,300 Rent income of school facilities to outsiders 350,000 Salaries and bonuses - all personnel 7,500,000 Other operating expenses 3,500,000 Repayment of loan 400,000 Quarterly income tax payments 48,000
Problem 1: Assuming that the cost of construction of the building is treated as an expense, the income tax payable of Angeles is:
Problem 2: The income tax payable if the cost of construction will be capitalized is:
The cash balance per the general ledger was $1,645. What is the correct adjusted ending cash balance
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