Question Answer & Explanation Related Questions Related Textbooks Related Courses Question Regime Inc is a trading company created under Philippine laws. For the quarter ending June 30, 2015, it has the following results of operation: gross sales for the quarter- 980,000 cost of sales for the quarter- 492,800 total deductions claimed for the quarter- 315,000 gross sales for the 1st quarter- 630,000 cost of sales for the 1st quarter- 318,150 total deductions claimed for the 1st quarter- 215,932 tax payment for the 1st quarter- 28,775 creditable tax withheld- 17,850 The company fails to file its 2nd quarter income tax return on the due date, Aug. 29, 2015. It files its return on Sept. 6,2015. Compromise penalty is 10,500 1. what is the gross income this quarter? 2. taxable income this quarter? 3. gross income 1st quarter? 4. total taxable income to date? 5. tax due? 6. tax payable? 7.penalties? 8. total amount payable?
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Regime Inc is a trading company created under Philippine laws. For the quarter ending June 30, 2015, it has the following results of operation:
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