WebQ. Statement 1: Passive incomes are subject to separate and final tax rates. Statement 2: Passive incomes are included in the computation of taxable income from compensation or business/professional income. answer choices. Statements 1 & 2 are false. Statement 1 is true but statement 2 is false. WebDuring the current year, the entity issued 10,000 ordinary shares of P100 par value for 150 per share. Dividend of P4,000,000 was paid in cash during the year. The entity borrowed P3,000,000 from the bank and made interest payment of P200,000. The bank loan is unpaid at year-end and the interest payable at year-end was P100,000.
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WebP10,000 Solution: Gross sales P10,000,000 Sales returns (200,000) Cost of goods sold (3,500,000) Operating expenses (2,800,000) Interest income from trade receivable 100,000 Dividend income-resident foreign corp. 45,000 Taxable income P3,645,000 Tax rate 30% Normal Corporate Income Tax Due P1,093,500 Philippines Final Tax Interest income from … WebListen to Loyalty B4 Royalty on Spotify. P Cross · Song · 2024. Preview of Spotify. Sign up to get unlimited songs and podcasts with occasional ads. WebIncome tax payable of Louie Gross income (Gross of 5% Tax) P325,000 Deductible business expenses (117,000) Dividends from foreign corporation 12,000 Amount receivable from the income of estate 50,000 Taxable income P270,000 In excess of P250,000 (P270,000-250,000) P20,000 x 20% Income tax payable P4,000 2. fisher hp valve manual