Reference no: EM133032714
Question - The following were taken from the statement of comprehensive income of a domestic corporation for 2019:
Sales 2,500,000
Cost of sales 1,500,000
Operating expenses (excluding bad debts) 500,000
Rental income (including 50,000 security deposit) 300,000
Provision for bad debts 50,000
Provision for income tax 75,000
Additional information:
Accounts written off during the year 60,000
2019 recoveries on accounts receivable written off in 2018 (only P10,000 were recognized by the BIR as a reduction for 2018 income) 20,000
Refunds for various local taxes paid in 2018 (50% of the amount recovered were recognized by the BIR as a reduction for 2018 income) 30,000
Refunds for overpayment of 2018 income tax 25,000
Refund for special assessment 12,000
Acquisition of real property to be used in business (acquired from a shareholder) FMV - P800,000 1,000,000
Required -
1. Determine the taxable recovery of accounts receivable previously written-off?
2. Determine the taxable tax refunds income tax payable for 2019?
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