Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details asreflected in the income statement are as follows:P1, 830,000.00322.000.00P1, 438,000.00200,500.00PL237.500.00SalesLess: COGSGross ProfitLess: Operating ExpensesNet Income1. How much is the taxable income?2. How much is the Tax Due?3. What tax schedule did you use for the computation?4. What tax schedule bracket did you use?5. What can you say about the procedure in Income Tax computation under TRAIN law?

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Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: Sales Less: COGS Gross Profit Less: Operating Expenses Net Income P1, 830,000.00 392.000.00 P1, 438,000.00 200,500.00 P1L.237.500.00 1. How much is the taxable income? 2. How much is the Tax Due? 3. What tax schedule did you Use for the computation?

Jacinto Flores is the owner-manager of JDF Car Parts and Services. The company's details as reflected in the income statement are as follows: Sales Less: COGS Gross Profit Less: Operating Expenses Net Income P1, 830,000.00 392.000.00 P1, 438,000.00 200,500.00 P1L.237.500.00 1. How much is the taxable income? 2. How much is the Tax Due? 3. What tax schedule did you Use for the computation?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 6QY: What would be the net income for Floress Catering? a. 45,500 b. 16,800 c. 19,800 d. 10,800

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