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

See similar textbooks

Similar questions

Tennis Pro is headquartered in Virginia. Assume it has a state income tax base of $240,000 after making the appropriate adjustments. Of this amount, $60,000 was non-business income.The non- business income included the following: $8,000 of dividend income, $15,000 of interest income, $37,000 of royalty income for an intangible used in Maryland. Tennis Pro has the following sales, payroll and property factors: Virginia Maryland Sales 40% 20% Payroll 80% 5% Property 90% 5% Assume that Virginia uses an equally weighted three-factor formula. Assuming a Virginia corporate tax rate of 6 percent, what is Tennis Pro's Virginia state tax liability? (Round your answer to the nearest whole number.)
A domestic enterprise in 2009 taxable income of $10 million, it has branches in A and B.The taxable income of the branch of State A is $7 million, of which the income from production and operation is $6 million (tax rate is 40%) and the income from interest is $1 million (tax rate is 20%).The taxable income of the branch of State B is $3 million, of which the income from production and operation is $2 million (tax rate is 20%) and the income from interest is $1 million (tax rate is 11%).B country in 2008 there are 20,000 dollars of overseas income tax payable without deduction. Requirements: calculate the enterprise income tax payable by the enterprise in 2009 (summarize domestic and foreign income).
Calculate (A) actual sales and (B) sales tax liability:Total sales: $23,152.81 (includes a 5% tax.) (Round your answers to the nearest cent.) A. Actual sales B. Sales tax liability
The following balances were taken from the books of Whispering Corp. on December 31, 2025. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,500 52,500 1,391,500 151,500 21,500 151,500 8,500 46,500 101,500 201,500 141,500 622,500 Assume the total effective tax rate on all items is 20%. Accumulated depreciation-equipment $41,500 Accumulated depreciation-buildings 29,500 Notes receivable Salling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings WHISPERING CORP. Income Statement 156,500 195,500 171,500 101,500 98,500 33,500 61,500 101,500 $ 151,500 Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g.…
21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions)
The company provided the following financial information: Assets -7,250,800 Tax Rate - 35% BEP- 14% ROA - 4% Compute the TIE ratio. Use 4 decimal places on your final answer
The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist: Municipal Bond Interest Revenue Fine paid to EPA Unearned Revenues $80 $200 $ 50 The tax rate is 20%. Indicate the amounts for 2023 Income Tax Expense and 12/31/23 Income Tax Payable, respectively. Select one: Oa. $2,064, $2,054 O b. $1,984, $1,954 O c. $1,984, $2,034 O d. $2,024, $2,014 Oe. $2,024, $2,034
. The municipal assessor was taxing an idle agricultural land consisting of 2 hectares valued at P 200 per square meter. If the idle land tax imposed is 5% by the ordinance, how much will the owner pay for the idle land tax?a. P 80,000.00 b. P 100,000.00 c. P 200,000 d. P 40,000.0011. The following data are shown on the tax declarations of a piece of land and th
Federal Aviation purchases 17,700 gallons of aviation fuel. The federal excise tax is $0.19 per gallon. Find the amount of the excise tax for this transaction. (Round your answer to the nearest cent.) A. $1,681.50 B. $1,710.00 C. $3,230.00 D. $3,363.00
Tagasundo Corporation, a VAT taxpayer, owns various transportation vehicle and have the following gross receipts for January 2022: Land vehicle Air vessel Water vessel Domestic of passengers 500,000.00 850,000.00 700,000.00 Domestic of cargoes 300,000.00 425,000.00 385,000.00 330,000.00 Export of passengers Export of cargoes 180,000.00 185,000.00 Total 800,000.00 1,785,000.00 1,270,000.00 Compute the total sales subject to VAT
Entity A has an incentive compensation plan under which the sales manager receives a bonus equal to 10percent of the company's income after deductions for bonus and income taxes. Income before bonus and incometaxes is P500,000. The effective income tax rate is 30 percent. How much is the amount of bonus (rounded to the nearest peso)?a. 32,710 b. 60,748 c. 30,974 d. 37,210 How much is the amount of income tax?a. 131,776 b. 140,708 c. 138,837 d. 140,187
Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: Sales to outside parties Intersegment transfers Interest income from outside parties Interest income from intersegment loans Operating expenses Interest expense Tangible assets Intangible assets Intersegment loans (debt) Plastics $6,855 163 a. Revenue test: b. Profit or loss test: c. Asset test: 0 0 4,334 82 1,577 93 0 Metals $2,414 185 40 0 1,822 37 3,256 415 0 Lumber $ 741 150 27 0 1, 126 72 584 0 0 Ecru does not allocate its $1,400,000 in common expenses to the various segments. Perform testing procedures to determine Ecru's reportable operating segments. Paper Finance $ 452 162 0 0 684 22 831 69 0 0 48 213 37 108 209 0 718