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| Statement of Financial Position |
| | 2021 | 2022 | 2023 |
| Assets | |
| Current Assets | |
| Cash and cash equivalents | 20,000,000 | 30,000,000 | 40,000,000 |
| Accounts receivable | 5,000,000 | 20,000,000 | 60,000,000 |
| Land classified as inventory | 40,000,000 | 38,000,000 | 80,000,000 |
| Total Current Assets | P 65,000,000 | P 88,000,000 | 180,000,000 |
| Non-Current | |
| Office Building | 10,000,000 | 12,000,000 | 15,000,000 |
| Land (where office is situated) | 100,000,000 | 100,000,000 | 100,000,000 |
| Total Non-Current Assets | 110,000,000 | 112,000,000 | 115,000,000 |
| Liabilities | 55,000,000 | 55,000,000 | 80,000,000 |
| Stockholders Equity | 120,000,000 | 145,000,000 | 215,000,000 |
| Statement of Comprehensive Income |
| | 2021 | 2022 | 2023 |
| Gross sales | P 6,000,000 | P 20,000,000 | P 35,000,000 |
| Cost of sales | 2,000,000 | 10,000,000 | 20,000,000 |
| Expenses | 3,850,000 | 5,000,000 | 5,000,000 |
| Net income | P150,000 | P 5,000,000 | P 10,000,000 |
The income tax payable of ABC Corporation for the taxable year 2021 is
b. 37,500
a. 80,000
c. 30,000
d. 40,000
The income tax payable of ABC Corporation for the taxable year 2022 is:
90,000
b. 100,000
c. 1,000,000
a. 1,250,000
The income tax payable of ABC Corporation for the taxable year 2023 is:
c. 225,000
a. 3,000,000
b. 2,000,000
d. 2,500,000
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