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

In year 2013 www corporation a domestic corporation

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57. In year 2013, WWW Corporation, a domestic corporation, has the following data: Sales P16,000,000 Cost of goods sold ` 6,000,000 Business expenses 4,000,000 The gross income tax of the corporation is 58 to 60 Page 10 of 13
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VVV Inc., a domestic company, employs the cash-basis method. The following financial data appear in its records for the year 2013, its fifth year of operations: Gross receipts P1,500,000 Sales returns and allowances 30,000 Sales discounts 45,000 Operating expenses 375,000 Minimum corporate income tax under the cash-basis 8,552 58. Cost of services a. P1,500,000. b. P1,425,000. c. P 855,000. c. P 570,000.
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