1.) The following were taken from the income statement of d
1.) The following were taken from the income statement of domestic… 1.) The following were taken from the income statement of domestic corporation for the taxable year 2021:Gross profit on sales, P800.000Less: Deductible expenses, P440.000Provision for bad debts, 80,000Net income before tax, P280.000Additional information:Accounts written-off during the year and charged to allowance for bad debt, P50,000Recoveries on accounts receivable previously written off in 2020 and credited allowance for bad debts. Allowed as deduction by the BIR, P30,000Disallowed by the BIR as deduction, P20,000The taxable income of the corporation in 2021 should be ________? 2.) A resident foreign corporation presented the following data related to its operations in the Philippines for the current taxable year:Gross income in the Philippines, P1,000,000Allowed deductions from gross income, P300,000Profits earmarked for remittance (net of branch profit remittance tax), P425,000Compute the branch profit remittance tax. 3.) The Pico Ganzo Corporation had the following historical MCIT and RCIT data:Regular Corporate Income Tax2018 – P110,0002019 – P220,0002020 – P02021 – P180,000Minimum Corporate Income Tax2018 – P120,0002019 – P200,0002020 – P190,0002021 – P170,000Based on the above information, what is the tax due and payable respectively in 2019? 4.) TRAIN Corporation, a corporation engaged in business in the Philippines and abroad has the following data for taxable year 2021:Gross Income, Philippines, P975,000Expenses, Philippines, P750,000Gross Income, Thailand, P770,000Expenses, Thailand, P630,000Interest on bank deposit, P50,000Total Assets, P50,000,000Determine the income tax due assuming the corporation is a Non-Resident Foreign Corporation.Accounting Business Financial Accounting ACC 610
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