3. JOI Corporation, a manufacturer, has a gross sales of P90,000,000.00 for CY 2021, its fifth year of operations. Its total assets amounted to P50,000,000.00, net of the value of the land of P6,000,000.00 where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expenses amounted to P50,000,000.00 and P40,000,000.00, respectively. Compute for its income tax due for CY 2021.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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3. JOI Corporation, a manufacturer, has a gross sales of P90,000,000.00 for CY
2021, its fifth year of operations. Its total assets amounted to P50,000,000.00,
net of the value of the land of P6,000,000.00 where its manufacturing plant and
business operations are situated. Its cost of sales and allowable operating
expenses amounted to P50,000,000.00 and P40,000,000.00, respectively.
Compute for its income tax due for CY 2021.

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