6. Prosperous Bank has the following data for the first half of 2018:1* Qtr.P 4,000,0002nd Qtr.P 2,800,000Interest and commission income from lendingactivities with maturity of 3 yearsInterest and commission income from lendingactivities with maturity of 5 years3,500,0003,300,000Interest and commission income from lending6,000,0007,200,000activities with maturity of 7 yearsOther income from rentals of facilities and other775,000825,000assetsIncome from financial leasing (remaining maturity 1,200,000is more than 5 years)950,000Dividends and equity shares in net income ofsubsidiariesNet trading gain (loss)Determine the following:500,000400,000(150,000)325,000a. Gross receipts tax for March 31, 2018b. Gross receipts tax for June 30, 2018

Gross receipts tax refers to the tax imposed on the compiled gross sales of a company without…

6. Prosperous Bank has the following data for the first half of 2018: 1" Qtr. P 4,000,000 2nd Qtr. P 2,800,000 Interest and commission income from lending |activities with maturity of 3 years Interest and commission income from lending activities with maturity of 5 years 3,500,000 3,300,000

6. Prosperous Bank has the following data for the first half of 2018: 1" Qtr. P 4,000,000 2nd Qtr. P 2,800,000 Interest and commission income from lending |activities with maturity of 3 years Interest and commission income from lending activities with maturity of 5 years 3,500,000 3,300,000

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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Question

6. Prosperous Bank has the following data for the first half of 2018:
1* Qtr.
P 4,000,000
2nd Qtr.
P 2,800,000
Interest and commission income from lending
activities with maturity of 3 years
Interest and commission income from lending
activities with maturity of 5 years
3,500,000
3,300,000
Interest and commission income from lending
6,000,000
7,200,000
activities with maturity of 7 years
Other income from rentals of facilities and other
775,000
825,000
assets
Income from financial leasing (remaining maturity 1,200,000
is more than 5 years)
950,000
Dividends and equity shares in net income of
subsidiaries
Net trading gain (loss)
Determine the following:
500,000
400,000
(150,000)
325,000
a. Gross receipts tax for March 31, 2018
b. Gross receipts tax for June 30, 2018

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