PROBLEM 2

The income statement of your corporation for the year ended 2019 is shown below:

SalesP 3,000,000

Less: Cost of Sales1,850,000

Gross Profit1,150,000

Less: Allowable Deductions 1,000,000

Net incomeP150,000

Required:

1.Compute for the income tax payable of the corporation for the calendar year ended 2019.

2.Please use BIR Form 1702-RT for this problem.

3.Please use the following for the general information.

TIN:285-094-823

RDO Code:113

Registered Name:Serate Corporation

Registered Address:Poblacion, Bislig City, SDS

Date of Incorporation:August 5, 2013

Contact Number:09235739631

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