60.1K

Verified Solution

Link Copied!

please answer immediately, thank you

Prepare the income tax return of Business International School (Note: Use BIR Form 1702-MX) BUSINESS INTERNATIONAL SCHOOL COMPARATIVE STATEMENT OF ICOME For the Fiscal Year Ended April 30 , Business International School was incorporated in the Philippines on July 1, 1982 primarily to engage in proprietary educational business. The Company's registered office, which is also its principal place of business, is located at the 2ad Floor, Aral Muna Bualding, 143 Bago Pag-Ibig Street, Happy Parents City. The financial statements of the Company for the year ended April 30,2017 (including comparatives for the year ended April 30,2016 ) were authonized for issue by the Company's President on June 07, 2017. In the preparation of BIR Form No. 1702-MX, what is/are the Alphanumeric Tax Code (ATC) that the company should use? Select one: a. IC 055 and IC 057 b. IC 057 only c. IC 055 only d. No correct answer The total amount of tax credits/payments is: Select one: a. P575,000 b. P4,614,346 c. P5,826,876 d. P5,189,346 Total income tax due is Select one: a. P637,530 b. P5,189,346 c. P575,000 d. P5,826,876 The total amount of taxes withheld per BIR Form 2307 that should used as tax credit is: Select one: a. P175,000 b. P575,000 c. P250,000 d. P150,000 Is the income tax return being prepared an amended return? Select one: True False If the company is to use all the line items of expenses as presented in its income statement in the computation of taxable income, what method of deduction should the company use? Select one: If the company is to use all the line items of expenses as presented in its income statement in the computation of taxable income, what method of deduction should the company use? Select one: a. Optional Standard Deduction b. Itemized Deduction c. Personal Exemption Deduction d. All of the answers correct The total amount of income tax payments under NCIT that should used as tax credit is: Select one: a. P1,496,126 b. P4,614,346 c. P1,370,157 d. P1,748,063 Total amount of tax still payable is Select one: a. P637,530 b. P575,000 c. P5,826,876 d. P5,189,346 Is the income tax return being prepared a short period return? Select one: Prepare the income tax return of Business International School (Note: Use BIR Form 1702-MX) BUSINESS INTERNATIONAL SCHOOL COMPARATIVE STATEMENT OF ICOME For the Fiscal Year Ended April 30 , Business International School was incorporated in the Philippines on July 1, 1982 primarily to engage in proprietary educational business. The Company's registered office, which is also its principal place of business, is located at the 2ad Floor, Aral Muna Bualding, 143 Bago Pag-Ibig Street, Happy Parents City. The financial statements of the Company for the year ended April 30,2017 (including comparatives for the year ended April 30,2016 ) were authonized for issue by the Company's President on June 07, 2017. In the preparation of BIR Form No. 1702-MX, what is/are the Alphanumeric Tax Code (ATC) that the company should use? Select one: a. IC 055 and IC 057 b. IC 057 only c. IC 055 only d. No correct answer The total amount of tax credits/payments is: Select one: a. P575,000 b. P4,614,346 c. P5,826,876 d. P5,189,346 Total income tax due is Select one: a. P637,530 b. P5,189,346 c. P575,000 d. P5,826,876 The total amount of taxes withheld per BIR Form 2307 that should used as tax credit is: Select one: a. P175,000 b. P575,000 c. P250,000 d. P150,000 Is the income tax return being prepared an amended return? Select one: True False If the company is to use all the line items of expenses as presented in its income statement in the computation of taxable income, what method of deduction should the company use? Select one: If the company is to use all the line items of expenses as presented in its income statement in the computation of taxable income, what method of deduction should the company use? Select one: a. Optional Standard Deduction b. Itemized Deduction c. Personal Exemption Deduction d. All of the answers correct The total amount of income tax payments under NCIT that should used as tax credit is: Select one: a. P1,496,126 b. P4,614,346 c. P1,370,157 d. P1,748,063 Total amount of tax still payable is Select one: a. P637,530 b. P575,000 c. P5,826,876 d. P5,189,346 Is the income tax return being prepared a short period return? Select one

Answer & Explanation Solved by verified expert

See Answer