problem 1 the Following Are The Purchases Made Abc Corp., A Top Essay Help From Professional Writers

PROBLEM 1
The following are the purchases made ABC Corp., a Top Withholding Agent (TWA) for TY 2020:
• Purchase of goods – Php 1,000,000• Purchase of service – Php 1,000,000• Rent – Php 1,000,000

Compute the total expanded withholding tax
a. 80,000
b. 70,000
c. 90,000
d. 50,000

PROBLEM 2
In 2021, ABC Corp., established in 2015 reported the following information:
Balance Sheet:Asset – Php 50MLiability – Php 30MStockholders’ Equity – Php 20MIncome Statement:Gross sales – Php 50,000,000Cost of sales – Php 40,000,000Operating Expenses – Php 20,000,000
Until when can ABC Corp carry-over the loss?
a. 2023
b. 2024
c. 2025
d. 2026

PROBLEM 3
The following cash benefits were given to Nicanor, a private employee during December 2021:
• Monetized vacation leave credits (20 days at Php 1,000 per day) – Php 20,000• Monetized sick leave credits (20 days at Php 1,000 per day) – Php 20,000• Uniform allowance – Php 10,000• Christmas cash gift – Php 10,000• Employee achievement award (loyalty award) – Php 10,000• Annual medical assistance – Php 10,000

You were preparing the Certificate of Compensation Payment / Tax Withheld (BIR Form 2316) of Nicanor. How much is the total de minimis benefits exempt from taxation?
a. Php 31,000
b. Php 55,000
c. Php 41,000
d. Php 80,000

PROBLEM 4
ABC University, made available the following financial information covering TY 2021:
Statement of Financial Position Statement of Comprehensive IncomeAssets: Gross receipts 15,000,000 Current 120,000,000 Cost of service 5,000,000 Non-current (land/bldg) 80,000,000 Gross profit 10,000,000Liabilities 150,000,000 Expenses 4,000,000Stockholders’ Equity 50,000,000 Net income 6,000,000

The income tax due is?
a. Php 60,000
b. Php 600,000
c. Php 1,200,000
d. Php 0

PROBLEM 5
Inday, the wife and the children of Nicanor provided the following data to you so you can help them file the return and pay the corresponding estate tax, if any:
PROPERTIES • Family home – Php 20,000,000• Inherited 2,500 Shares in XYZ Corp. an unlisted company – 10,000,000• Bank deposits – Php 5,000,000Other information:• Expenses and judicial expenses – Php 1,000,000

How much is the estate tax due?
a. Php 450,000
b. Php 750,000
c. Php 150,000
d. Php 390,000