Business > Questions and Answers > Business Accounting Pioneer College, a private educational institution, has presented the following data for the year

Business Accounting Pioneer College, a private educational institution, has presented the following data for the year

Pioneer College, a private educational institution, has presented the following data for the year: Gross Income, related activities P5,000,000 Gross Income, unrelated activities (except rental income) 5,000,000 Rental income (gross of 5% WT) 2,000,000 Expenses, related activities 2,000,000 Expenses, ... unrelated activities 3,000,000 Dividend income from a domestic corporation 100,000 Quarterly income tax paid for the first three quarters 600,000 Compute the income tax payable. 2. Advanced Learning Institute, an educational institution, provided the following data for the current taxable year: Income from tuition fees P 3,500,000 School Miscellaneous Fees 1,500,000 Dividend Income Domestic Corporation 2,000,000 Foreign Corporation 2,000,000 Rent Income (Net of 5% withholding tax) 1,900,000 Operating Expenses 4,000,000 Compute the tax payable of the school. 3. Norte De University, a proprietary educational institution, has the following selected information for the taxable year 2X18: Tuition Fees P 12,800,000 Miscellaneous Fees 1,800,000 Interest on Bank Deposits 12,300 Rent Income 350,000 Salaries and Bonuses, all personne 7,500,000 Other Operating Expenses 3,500,000 Quarterly Income Tax Payments 48,000 An additional school building was built and finished on April 1, 2X18 at the cost of P2,000,000 with a depreciable life of 50 years. 1. Compute the income tax payable assuming the university opted to claim the cost of construction as an outright expense. [Show More]