Statement of Financial Position 2021 ...
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Accounting
| 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 2023 is:
Group of answer choices
b. 2,000,000
d. 2,500,000
a. 3,000,000
c. 225,000
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