Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

TIMED TASK Jihyo Corporation, a domestic corporation, had the following items of revenues and expenses for the calendar year ending 31 December 2022: Sales 10,000.000

TIMED TASK

image text in transcribed

Jihyo Corporation, a domestic corporation, had the following items of revenues and expenses for the calendar year ending 31 December 2022: Sales 10,000.000 Cost of sales 7,000,000 Rent income, gross of 5% withholding tax 350,000 Royalties earned in the Philippines 40,000 Interest income from bonds 56,000 Interest income from bank deposits 33,000 Operating expenses 1,450,000 Income taxes paid, first three quarters 27,700 Dividends declared and paid 133,000 Further, according to the statement of financial position of Jihyo Corporation as of 31 December 2022, it had P200,000,000 in assets (P40,000,000 of which pertains to the value of land), and P70,000,000 in liabilities. Finally, all of Jihyo Corporation's stockholders are resident citizens. As a withholding agent, how much final withholding tax should Jihyo Corporation remit to the BIR? O 6,600 0 26,600 00 0 13,300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

10th Canadian Edition, Volume 1

978-0176509736

Students also viewed these Accounting questions