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
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Setaton
6,000,000 x 3% =
180,000
b. Income tax due for the year.
Transcribed Image Text: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. Setaton 6,000,000 x 3% = 180,000 b. Income tax due for the year.
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