2. Mr. Adolfo, owner of AR Sports Shop, has opted to be taxed at the 8% income tax rate. He has no other source of income. For the first three quarters of 2018, shop's total sales amount to P3,000,000 while for the fourth quarter, it is P2,300,000. Below are the cost of sales and operating expenses. What is the income tax due for the year 2018? 1Q (8%) 2Q(8%) 3Q(8%) 4Q Gross Sales P650,000 P900,000 P1,450,000 P2,300,000 Less: COS 300,000 450,000 550,000 900,000 Gross Income 350,000 450,000 900,000 1,400,000 Less: OPEX 160,000 210,000 260,000 420,000 Taxable Income P190,000 P240,000 P640,000 P980,000
2. Mr. Adolfo, owner of AR Sports Shop, has opted to be taxed at the 8% income tax rate. He has no other source of income. For the first three quarters of 2018, shop's total sales amount to P3,000,000 while for the fourth quarter, it is P2,300,000. Below are the cost of sales and operating expenses. What is the income tax due for the year 2018? 1Q (8%) 2Q(8%) 3Q(8%) 4Q Gross Sales P650,000 P900,000 P1,450,000 P2,300,000 Less: COS 300,000 450,000 550,000 900,000 Gross Income 350,000 450,000 900,000 1,400,000 Less: OPEX 160,000 210,000 260,000 420,000 Taxable Income P190,000 P240,000 P640,000 P980,000
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 18P
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![2. Mr. Adolfo, owner of AR Sports Shop, has opted to be taxed at the 8% income tax rate. He has no other source of income. For the first three
TM
quarters of 2018, shop's total sales amount to P3,000,000 while for the fourth quarter, it is P2,300,000. Below are the cost of sales and
operating expenses. What is the income tax due for the year 2018?
1Q (8%)
2Q(8%)
3Q(8%)
4Q
Gross Sales
P650,000
P900,000
P1,450,000
P2,300,000
Less: COS
300,000
450,000
550,000
900,000
Gross Income
350,000
450,000
900,000
1,400,000
Less: OPEX
160,000
210,000
260,000
420,000
Taxable Income
P190,000
P240,000
P640,000
P980,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F095c86f1-f375-46b4-9616-2bb8df62dcd9%2F3665836c-33de-43d3-a5d6-9cf6ce0948d9%2Fk0jhwwt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Mr. Adolfo, owner of AR Sports Shop, has opted to be taxed at the 8% income tax rate. He has no other source of income. For the first three
TM
quarters of 2018, shop's total sales amount to P3,000,000 while for the fourth quarter, it is P2,300,000. Below are the cost of sales and
operating expenses. What is the income tax due for the year 2018?
1Q (8%)
2Q(8%)
3Q(8%)
4Q
Gross Sales
P650,000
P900,000
P1,450,000
P2,300,000
Less: COS
300,000
450,000
550,000
900,000
Gross Income
350,000
450,000
900,000
1,400,000
Less: OPEX
160,000
210,000
260,000
420,000
Taxable Income
P190,000
P240,000
P640,000
P980,000
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