AB Partnership is a commercial partnership formed by Atienza and Bautista.The results of operations for the year 2021, its 5h year of operations, were asfollows:Gross sales25,000,000Cost of sales10,000,000Salaries expenseRent expenseUtilities expenseDepreciation expenseMiscellaneous expensePersonal income and expenses of the partners:3,800,0001,650,000175,000120,00048,000AtienzaBautista3,250,0001,170,000250,000Gross income3,800,000Deductible expensesDividend from domestic corp.Dividend from foreign corp.Prize, supermarket raffleRoyalties, books2,050,000300,000120,00082,500150,00075,000180,000100,0008. How much is the net taxable income of the general partnership?9. How much is the regular corporate income tax due?Tax rate RCIT is 25%10. How much is the minimum corporate income tax?Tax rate MCIT is 1%11. How much is the share of each partner in the net income of the partnership?"nothing follows

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AB Partnership is a commercial partnership formed by Atienza and Bautista. The results of operations for the year 2021, its 5th year of operations, were as follows: 25,000,000 10,000,000 3,800,000 1,650,000 175,000 120,000 48,000 Gross sales Cost of sales Salaries expense Rent expense Utilities expense Depreciation expense Miscellaneous expense Personal income and expenses of the partners: Bautista 3,800,000 2,050,000 300,000 82,500 75,000 180,000 Atienza Gross income Deductible expenses Dividend from domestic corp. Dividend from foreign corp. Prize, supermarket raffle Royalties, books 3,250,000 1,170,000 250,000 120,000 150,000 100,000 8. How much is the net taxable income of the general partnership? 9. How much is the regular corporate income tax due? Tax rate RCIT is 25% 10. How much is the minimum corporate income tax?. Tax rate MCIT is 1% 11. How much is the share of each partner in the net income of the partnership? "nothing follows

AB Partnership is a commercial partnership formed by Atienza and Bautista. The results of operations for the year 2021, its 5th year of operations, were as follows: 25,000,000 10,000,000 3,800,000 1,650,000 175,000 120,000 48,000 Gross sales Cost of sales Salaries expense Rent expense Utilities expense Depreciation expense Miscellaneous expense Personal income and expenses of the partners: Bautista 3,800,000 2,050,000 300,000 82,500 75,000 180,000 Atienza Gross income Deductible expenses Dividend from domestic corp. Dividend from foreign corp. Prize, supermarket raffle Royalties, books 3,250,000 1,170,000 250,000 120,000 150,000 100,000 8. How much is the net taxable income of the general partnership? 9. How much is the regular corporate income tax due? Tax rate RCIT is 25% 10. How much is the minimum corporate income tax?. Tax rate MCIT is 1% 11. How much is the share of each partner in the net income of the partnership? "nothing follows

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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