Homework answers / question archive / Problem: Riverie Corporation, a domestic corporation had the following data during the calendar year 2020

Problem: Riverie Corporation, a domestic corporation had the following data during the calendar year 2020

Accounting

Share With

Problem: Riverie Corporation, a domestic corporation had the following data during the calendar year 2020. Gross income P 1, 000,000 Business connected expenses 400,000 Dividends from: a. Domestic corporation b. Foreign corporation, 90% of the gross income was derived from the Philippines 100,000 c. Foreign corporation, 60% of the gross income was derived from the Philippines 80,000 d. Foreign corporation, 30% of the gross income was derived from the Philippines 40,000 Compute for the following: 1. Total Gross Income 2. Taxable Net Income 3. Regular Corporate Income Tax 4. Minimum Corporate Income Tax