8-1. The Z Co. is a holder of several franchises to ope-rate essential public utilities. Gross receipts, VATot included, from activities covered by the fran-chise were:For selling electricityFor selling waterFor operating a stretch of superhighwayand in addition had gross receipts from:Rent of heavy equipmentPercentage tax?Output value-added tax?P 2,000,0001,800,0002,300,000500,0008-2. The A Co. and the G Co. are stiff competitors in radioand television broadcasting, one against the govern-ment administration, and the other a defender ofthe government administration. In 2018, the grossreceipts of the two companies were:A Co.В Со.In January 2019, the two companies had gross re-ceipts of:P 4,800,00011,000,000A Co.B Co.Percentage tax for January, 2019?Output value-added tax?P300,0001,000,0008-3. Mr. SP, a citizen of the Philippines, is a sports promo-ter, promoting sports competitions and events in thePhilippines. He had the folowing data in a month, anytax not included:Gross receipts, professional boxing, withMPqio as defending world championGross receipts, international footballGross receipts, Asian swimming meetGross receipts, world chess championshipGross receipts, Philippine professionalbasketballThe percentage tax?P 3,000,0001,500,0001,000,0001,300,000900,000

VAT stands for "Value-Added Tax." It is a consumption tax that is levied on the value that is added…

8-1. The Z Co. is a holder of several franchises to ope- rate essential public utilities. Gross receipts, VAT ot included, from activities covered by the fran- chise were: For selling electricity For selling water For operating a stretch of superhighway and in addition had gross receipts from: Rent of heavy equipment Percentage tax? Output value-added tax? P 2,000,000 1,800,000 2,300,000 500,000

8-1. The Z Co. is a holder of several franchises to ope- rate essential public utilities. Gross receipts, VAT ot included, from activities covered by the fran- chise were: For selling electricity For selling water For operating a stretch of superhighway and in addition had gross receipts from: Rent of heavy equipment Percentage tax? Output value-added tax? P 2,000,000 1,800,000 2,300,000 500,000

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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