1.) Company Z has a deposit with ABC Bank. It obtained a lo
1.) Company Z has a deposit with ABC Bank. It obtained a loan from… 1.) Company Z has a deposit with ABC Bank. It obtained a loan from ASAP Financing Corp. in connection with the operation of its business. For the year 2021, assume the following:Company Z’s Net Income before Interest Expense (subject to 25%), P2,500,000Interest Income (from ABC Bank, gross of FWT), P480,000FWT on Interest Income, P96,000Interest Expense, P200,000How much is the taxable income of Company Z for 2021 after deducting interest expense? 2.) Cool Corporation has the following data: Year 2021Sales in 2021 – P1,700,000; Cost of sales in 2021 – P1,050,000; Operating expenses in 2021 – P625,000.Year 2022Sales in 2022 – P2,300,000; Cost of sales in 2022 – P1,425,000; Operating expenses in 2022 – P480,000.What is the income tax payable in 2022 if the corporation is subject to 25%? 3.) .Mr. Dela Cruz, a managerial employee, was given cash so he can purchase a car. The car shall be in Mr. Dela Cruz’s name. The purchase price of the car amounts to P750,000, while the cash provided amounts to P800,000. How much is the fringe benefits tax on the transaction?Accounting Business Financial Accounting ACC 610
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