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Quiz in NT and MCIT 2024

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19 views

Quiz in NT and MCIT 2024

Uploaded by

kayl angelooo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Central Philippine University

Exercise Quiz – Tax 43

Name:___________________________ Course: _________Time: _________Score:____________

A. A corporation engaged Auto Repair Shop for a decade presented the


following data for the year 2023 with total assets of P500,000:
Service Income …………………………….. 4,500,000
Interest Income on peso deposits …………… 30,000
Dividends received from a DC ……………… 200,000
Salaries of mechanics ……………………… 1,250,000
Auto supplies and parts used…...………….. 1,000,000
Office Salaries ……………………………….. 595,000
Other administrative expenses …………… 170,000

1. Gross Income is P______________


2. If the corporation is a RFC final tax is P_______________
3. If the corporation is a RF income tax due is P____________
4. If the corporation is a NRF income tax due is P___________
5. If the corporation is a DC income tax is P______________
B. A domestic corporation who started operating in January 2021,
reported the following:

2023 2024 2025 2026 2027


Sales 700,000 980,000 1,000,000 1,100,000 903,500
COS 360,000 350,000 230,000 920,000 643,000
GI 340,000 630,000 770,000 180,000 260,500
Expenses 360,000 590,000 748,000 168,500 250,000
Net Income ( 20,000) 40,000 22,000 11,500 10,500

6. Income tax still due in 2023 is P____________


7. Income Tax still due in 2024 is P___________
8. Income Tax still due in 2025 is P___________
9. Income Tax still due in 2026 is P___________
10. Income Tax still due in 2027 is P___________
C. A domestic corporation operating for a decade with total assets (excluding land) of P150M, reported the
following:
2023 2024 2025 2026 2027
Gross Income 5,000,000 5,500,000 6,000,000 7,000,000 7,500,000
Net Income ( 200,000) 100,000 400,000 350,000 900,000

11. Income Tax still due in 2023 is P___________


12. Income Tax still due in 2024 is P___________
13. Income Tax still due in 2025 is P___________
14. Income Tax still due in 2026 is P___________
15. Income Tax still due in 2027 is P___________

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