The Company End Term Requirement Case (Case Adapted from SGV&Co's Teach) King Corp. was organized as a family business owned by the Chows, a highly prominent clan in Cebu. It was established in 1989 as a sole proprietorship engaged in the service of graphic arts designing, but due to its outstanding performance in the market, other members of the Chows clan decided to invest their money in the business. Thus, it was incorporated on April 1, 1999, and was registered with the Bureau of Internal Revenue (BIR) on April 10, 1999. In its Articles of Incorporation, it was provided that the Company is classified as a seller of services as its line of business. The Articles of Incorporation also provides that the Company's registered address is at 381 Sta. Ana Street, South Ridge, Cebu City, Philippines, 6000 and is within the jurisdiction of BIR Revenue District Office (RDO) No. 82-Cebu City South. The Problem Mr. Chow Fan, financial controller of King Corp. was in a quandary on how he will be able to prepare King Corp.'s 2021 annual income tax return (ITR) in time for submission to the BIR. Mr. Lou Riat, the Company's chief accountant was tasked to complete the annual ITR and submit the same for Mr. Chow's final review. However, he had a very pressing family emergency in Bohol he had to attend to and was unable to submit his work on time. Furthermore, due to his panic, the chief accountant brought along with him to Bohol the dratt ITR he has prepared and the five sheets of supporting documents and schedules to be attached therewith. Upon learning about the situation. Mr. Chow immediately sought the help of Ms. Chicha Rap, the Company's senior accountant. Chow: Chicha, please gather all the necessary information we will need to prepare the annual ITR. Chicha: I have retrieved all the schedules and information we need from Lau's computer. It's a good thing he kept of the files we need in one folder. Chow: That's a relief! Will you be able to thish the computation by this afternoon? We don't want to pay any penalties on late fling. After years of continuing losses, this year's different as we will be paying a big amount of income tax due to the record- breaking results of our operations Chicha: I'll start preparing them now. I should have them at your desk this afternoon.