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ABC Corporation's RCIT, MCIT, excess MCIT and excess withholding taxes from prior year(s) were provided as follows: QUARTER 2020 2019 RCIT MCIT Taxes withheld Excess
ABC Corporation's RCIT, MCIT, excess MCIT and excess withholding taxes from prior year(s) were provided as follows:
| QUARTER | 2020 | 2019 | |||
| RCIT | MCIT | Taxes withheld | Excess MCIT | Excess withholding | |
| 1st | 300,000 | 240,000 | 60,000 | 90,000 | 30,000 |
| 2nd | 360,000 | 750,000 | 90,000 | - | - |
| 3rd | 750,000 | 300,000 | 120,000 | - | - |
| 4th | 650,000 | 300,000 | 105,000 | - | - |
How much is the income tax payable on the 4th quarter?
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
