1. Ana (resident citizen), earning compensation income and from self-employment, provided the following data for the 1ª quarter of 2018 P 780,000 Compensation income Sales Cost of sales 1,275,000 625,000 350,000 Business expenses Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset Loss on sale of land in the Philippines held as a capital asset with cost of P 1.5M when the zonal value is P 1,200,000. 70,000| 500,000 Required: a. Determine the total business tax due and payable for the first quarter. b. Determine the total business tax due and payable for the first quarter, if applicable, assuming Ana opted to be taxed at 8%.

1. Ana (resident citizen), earning compensation income and from self-employment, provided the following data for the 1ª quarter of 2018 P 780,000 Compensation income Sales Cost of sales 1,275,000 625,000 350,000 Business expenses Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset Loss on sale of land in the Philippines held as a capital asset with cost of P 1.5M when the zonal value is P 1,200,000. 70,000| 500,000 Required: a. Determine the total business tax due and payable for the first quarter. b. Determine the total business tax due and payable for the first quarter, if applicable, assuming Ana opted to be taxed at 8%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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