INCOME-TAXATION-FINALEXAM-2ND-SEM-A.Y.-2015-16-SAM

Ii problems normal tax versus mcit show your

Info icon This preview shows pages 11–13. Sign up to view the full content.

View Full Document Right Arrow Icon
II. PROBLEMS. Normal Tax versus MCIT. Show your solutions ( 2 points each). Page 11 of 13
Image of page 11

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
In 2012, TTT Corp., a resident foreign corporation, was on its sixth year of operations. The following data pertain to its operations in the Philippines for the years 2012 and 2013: 2012 2013 Gross profit on sales P620,,000 P720,000 Business expenses P530,000 P612,000 1. Normal income tax for 2012 : ____________________. 2. Income tax due for 2012 : ____________________. 3. Minimum corporate income tax for 2013 : ____________________. 4. Income tax due for 2013 : ____________________. SSS Inc., a resident foreign corporation, is on its sixth year of operations in 2012. For its operations in the Philippines, the following appear in its 2012 and 2013 records: 2012 2013 Business expenses P795,000 P918,000 Normal income 31,500 39,600 5. Gross profit from sales for 2012 : ____________________. 6. Income tax due for 2012 : ____________________. 7. Gross profit from sales for 2013 : ____________________. 8. Income tax due for 2013 : ____________________. Page 12 of 13
Image of page 12
RRR Company is a resident foreign corporation. Taxable year 2012 is its fourth year of operations. For the years 2012 and 2013, RRR’ Philippine operations yield the following financial data: 2012 2013 Business expenses P795,000 P918,000 Normal income tax 31,500 39,600 9. Income tax due for 2012 : ___________________. 10. Income tax due for 2013 : ___________________. Prepared by Approved by: SAMUEL UY ITCHON, Jr., CPA JONATHAN B. DE VEYRA, CPA, MBA I nstructor Dean – CBA Page 13 of 13
Image of page 13
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern