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    Tax Finals Quiz & Exam

    Uploaded by

    Wycliffe Luther Rosales
    The document provides financial information for ABC Corporation over several years, including gross income, net income, MCIT, NIT, tax payable, excess MCIT, and net payable. It also includes information on JOLIKOD Corporation's operations from 2000-2008 with gross income, net income, excess MCIT, and net payable. Finally, it provides financial information for DURIAM Corporation's 4th and 5th year of operations and asks questions about why it paid a certain amount of income tax in its 4th year and to compute income tax due for its 5th year.

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    © All Rights Reserved
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    Tax Finals Quiz & Exam

    Uploaded by

    Wycliffe Luther Rosales
    62 views2 pages
    The document provides financial information for ABC Corporation over several years, including gross income, net income, MCIT, NIT, tax payable, excess MCIT, and net payable. It also includes information on JOLIKOD Corporation's operations from 2000-2008 with gross income, net income, excess MCIT, and net payable. Finally, it provides financial information for DURIAM Corporation's 4th and 5th year of operations and asks questions about why it paid a certain amount of income tax in its 4th year and to compute income tax due for its 5th year.

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    The document provides financial information for ABC Corporation over several years, including gross income, net income, MCIT, NIT, tax payable, excess MCIT, and net payable. It also includes information on JOLIKOD Corporation's operations from 2000-2008 with gross income, net income, excess MCIT, and net payable. Finally, it provides financial information for DURIAM Corporation's 4th and 5th year of operations and asks questions about why it paid a certain amount of income tax in its 4th year and to compute income tax due for its 5th year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    62 views2 pages

    Tax Finals Quiz & Exam

    Uploaded by

    Wycliffe Luther Rosales
    The document provides financial information for ABC Corporation over several years, including gross income, net income, MCIT, NIT, tax payable, excess MCIT, and net payable. It also includes information on JOLIKOD Corporation's operations from 2000-2008 with gross income, net income, excess MCIT, and net payable. Finally, it provides financial information for DURIAM Corporation's 4th and 5th year of operations and asks questions about why it paid a certain amount of income tax in its 4th year and to compute income tax due for its 5th year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    St. Camillus College of Manaoag, Inc.

    Philippine Tax System and Income Taxation


    Finals Quiz

    Name:
    Date:

    Income Statement
    For the year ended December 31, 2015
    Gross Sales 120,000,000
    Cost of Sales 40,000,000
    Gross Income/Profit 80,000,000
    Operating Expenses 20,500,000
    Net Income 60,500,000

    Additional Information:
    a) The company is a domestic corporation
    b) The corporation is in its 7th year of operations
    c) Excess MCIT from previous year is 2,000,000
    Compute for the following and present your solution (no solution, no point):

    10) Income tax due and payable

    11) Income tax due and payable assuming the company opted to use OSD

    The following information relates to the financial data gathered from the Income Statement of ABC Corporation starting from
    Its 5th year of operation
    Year Gross Income Net Income MCIT NIT Tax payable Excess MCIT Net payable

    1995 12,000,000 1,000,000

    1996 10,000,000 2,000,000

    1997 8,000,000 550,000

    1998 750,000 100,000

    1999 2,000,000 70,000

    2000 6,500,000 600,000

    2001 15,000,000 5,000,000


    Finals Exam

    JOLIKOD Corporation commenced its operations on year 1997. During the first three years of operation, the company knows
    nothing about the MCIT. On the year 2000, you were asked to fill – up the blanks below to see the impact of MCIT on the
    corporation’s income tax. Consider each year as part of the others.
    Year Gross Income Net Income Excess MCIT Net payable
    2000 10,000,000 500,000
    2001 300,000 40,000
    2002 2,000,000 200,000 none
    2003 5,000,000 100,000 120,000
    2004 12,000,000 1,000,000 none
    2005 8,000,000 40,000
    2006 3,000,000 650,000
    2007 1,500,000 800,000 none
    2008 1,000,000 none 120,000

    On the first three years of operation, DURIAM Corporation suffered losses. On its 4 th year, it garnered a gross income of
    P3,000,000 a net income of 100,000. The company went to BIR and presented its income statement as basis for the payment
    of income tax. Surprisingly, the BIR charged the company an income tax of P60,000 instead of P30,000 (P100,000 x 30%). In
    the 5th year of operations, the company recorded the following:
    Gross Income 3,000,000
    Net Income 500,000
    Requirements:
    1. Explain the reason why DURIAM Corp. paid P60,000 income tax on its 4th year of operation

    2. Compute income tax due and payable for the 5th year of its operations (show your solution, no solution no point)

    Gross Sales P5,000,000


    Merchandise Inventory, Beg. 3,000,000
    Merchandise Inventory, End. 2,500,000
    Purchases 1,000,000
    Operating Expenses 1,500,000

    Compute for the following (show your solution, no solution no point):

    3. Net Income

    4. Income Tax

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