3. Computation of income tax. Simple Corporation, a corporation engaged in the business of manufacturing ready-to-wear clothes, gives you the data of its operation during the current year: P 3,000,000...

If the value of its total assets do no exceed P100,000,000, compute for the income tax payable if the taxpayer is a nonresident foreign corporation.

Extracted text: 3. Computation of income tax. Simple Corporation, a corporation engaged in the business of manufacturing ready-to-wear clothes, gives you the data of its operation during the current year: P 3,000,000 7,000,000 Sales (domestic) Sales (abroad) Cost of goods sold (domestic and abroad) 5,000,000 t Yield from depoșit substitute Expenses on domestic operation Expenses on sales abroad 400,000 1,000,000 2,000,000 CS Scanned with CamScanner