4. Fly Away Air Lines (a resident international carrier) has the following data for the current year: P 10,000,000 Gross receipts, Philippines (passenger operations) Gross receipts, Philippines (cargo operations) Gross receipts, Japan (passenger operations) Gross receipts, Japan (cargo operations) Expenses, Philippines (cargo operations) Expenses, Japan (cargo operations) 6,000,000 8,000,000 5,000,000 4,500,000 1,250,000 Required: Determine the following: a The business tax due for the year. SelutTon 6,000,000 x 3% = 180,000 b. Income tax due for the year.

4. Fly Away Air Lines (a resident international carrier) has the following data for the current year: P 10,000,000 Gross receipts, Philippines (passenger operations) Gross receipts, Philippines (cargo operations) Gross receipts, Japan (passenger operations) Gross receipts, Japan (cargo operations) Expenses, Philippines (cargo operations) Expenses, Japan (cargo operations) 6,000,000 8,000,000 5,000,000 4,500,000 1,250,000 Required: Determine the following: a The business tax due for the year. SelutTon 6,000,000 x 3% = 180,000 b. Income tax due for the year.

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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