Solution-Compute the income tax payable

Compute the income tax payable

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Problem - The following cumulative balances during the year on income and expenses were provided by Juan Dela Cruz, a resident citizen:

	1st Q	2nd Q	3rd Q	Year
Gross profit from Sales	P500,000	P700,000	P1,200,000	P1,500,000
Business expenses	320,000	400,000	750,000	1,000,000
Dividend-domestic corp	10,000	20,000	30,000	40,000

REQUIRED - Using above information, compute the following

1. Income tax payable, first quarter

2. Income tax payable, second quarter

3. Income tax payable, third quarter

4. Income tax payable, fourth quarter

Reference no: EM132686887

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Compute the income tax payable

Reference no: EM132686887

Reference no: EM132686887

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