Angelo R.

Vasquez
BSA-AC2A
QUIZ IN CORPORATION

1. D 11. A 21. D 31. A 41. C 51. 210,000

2. C 12. C 22. B 32. B 42. C 52. D
3. D 13. D 23. C 33. C 43. B 53. I.C ; II.A
4. C 14. B 24. A 34. D 44. D 54. B
5. B 15. D 25. D 35. D 45. B 55. B
6. D 16. D 26. B 36. B 46. B 56. B
7. A 17. C 27. B 37. D 47. D
8. D 18. D 28. C 38. D 48. A
9. C 19. D 29. D 39. D 49. D
10. D 20. 470,000; 30. A 40. C 50. B
70,000

SOLUTIONS:
NO. 18-21 NO. 22
Q1. Q2. Q3. Annual Annual
Tax Due 100,000 330,000 470,000 670,000 530,000
Ex. MCIT -30,000 -30,000 30,000
Ex. WHT -10,000 -10,000 -10,000 10,000 -10,000
Tax. WH -20,000 -50,000 -90,000 -125,000 -125,000
Quarterly
Q1 -40,000 -40,000 -40,000 -40,000
Q2 -230,000 -230,000 -230,000
Q3 -70,000 -70,000
Tax Payable 40,000 230,000 70,000 165,000 55,000

TAX DUE NO. 23 NO. 24

Tuition 850,000 480,000
Rental In. 150,000 520,000
Expense -820,000 -945,000
Net In. 180,000 55,000
Tax Rate 10% 30%
Tax Due 18,000 16,500

NO. 25
Manila-Tokyo 2,000,000
Transfer Flight 2,000,000
Manila-Taipei 3,000,000
GPB 7000000
Tax Rate 2.50%
Tax Due 175,000
NO. 26-28 NO. 26 DC NO. 27 RFC NO.28 NRFC
Gross Income-Phil 4,000,000 4,000,000 4,000,000
Gross Income-Abroad 2,000,000
Expense-Phil -2,500,000 -2,500,000
Expense-Abroad -750,000
Net Income 2,750,000 1,500,000 4,000,000

Tax Rate 30% 30% 30%

Tax Due 825,000 450,000 1,200,000
Tax Credit -150,000
Tax Payable 675,000 450,000 1,200,000

NO. 29
Tax. Income 2,750,000
Tax Credit -150,000
Net Income 2,600,000
Tax Rate 30%
Tax Due 780,000

NO. 30-33
NO. 30 NO. 31 NO. 32 NO. 33
Int. Carrier Cin. Lessor Vessel Aircraft
GPB 4,000,000 4,000,000 4,000,000 4,000,000
Tax Rate 2.50% 25% 4.50% 7.50%
Tax Due 100,000 1,000,000 180,000 300,000

NO. 34
Income 4,000,000
Expense -2,000,000
Tax. Income 2,000,000
Tax Rate 30%
Tax Due 600,000

NO. 37-39 Total Tax Liablity

NO. 37. DC NO. 38. RFCNO. 39. NRFC
Gross Inome- Phil 1,000,000 1,000,000 1,000,000
Gross Inome- USA 500,000
Gross Inome- Japan 500,000
Expense- Phil -300,000 -300,000
Expense- USA -200,000
Expense- Japan -100,000
Other Income:
Dividend from Smc 70,000
Dividend from Ford 120,000
Royalties- Phil 50,000
Royalties- USA 100,000
Gain on Sale of stock 150,000
Rental Income-Phil 100,000 100,000 100,000
Rental Income- USA 250,000 250,000
Other Interest Income 60,000 60,000 60,000
Prizes-Manila 200,000 200,000 200,000
Interest on FCDU 50,000
Taxable Income 2,230,000 1,060,000 1,680,000
Tax Due 669,000 318,000
Final Tax 40,000 36,250
Total Tax Due 709,000 354,250
Tax withheld on rent -17,500 -5,000
Total Tax Liability 691,500 349,250 504,000

NO. 41-44
Q1 Q2 Q3 Annual
Gross Profit 800,000 1,600,000 2,400,000 3,100,000
Business Expense -600,000 -1,200,000 -1,700,000 -2,100,000
Taxable Income 200,000 400,000 700,000 1,000,000
Tax Due 60,000 120,000 210,000 300,000
Tax Withheld -15,000 -35,000 -65,000 -115,000
Quarterly Payments
Q1 -35,000 -35,000 -35,000
Q2 -40,000 -40,000
Q3 -60,000
Tax Credit -10,000 -10,000 -10,000 -10,000
Tax Payable 35,000 40,000 60,000 40,000

NO. 45 NO. 46
Q1 Q2 Income 1,500,000
Income 500,000 800,000 Gain on Sale 60,000
Deductions 480,000 700,000 Expense -600,000
Tax. Income 20,000 100,000 NOLCO -130,000
RCIT 6,000 30,000 Tax. Income 830,000
MCIT 10,000 16,000 Tax Rate 30%
Tax Due 10,000 36,000 Tax Due 249,000
Excess MCIT -10,000
Tax. Wheld -5,000 -13,000
Q1 Payment -5,000
Tax Payable 5,000 8,000

NO. 48-52
2016 2017 2018
Income 2,000,000 3,000,000 4,000,000
Gain in Sale 400,000 500,000
NOLCO -100,000
Deductions 1,940,000 3,100,000 -3,500,000
Tac. Income 460,000 -100,000 900,000
RCIT 138,000 - 270,000
MCIT 48,000 60,000 90,000
Tax Due 138,000 60,000 270,000
Excess MCIT -60,000
Tax Payable 138,000 60,000 210,000

NO. 53 I II
Total Sales 90,000,000 90,000,000
COS 45,000,000 45,000,000
Gross Inc 45,000,000 45,000,000
Tax Rate 30% 5%
Tax Covered 13,500,000 2,250,000