Brianna (resident citizen), earning compensation income and from self-employment, provided the following data for the 1(st) quarter of 2018 Compensation income P 780,000 Sales 1,275,000 Cost of sales 625,000 Business expenses 350,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset 70,000 Loss on sale of land in the Philippines held as a capital asset with cost of P1.5M when the zonal value is P1,200,000. 500,000 A. Determine the total business tax due and payable for the first semester B. Determine the total business tax due and payable for the first quarter, if applicable, assuming Brianna opted to be taxed at 8%
Brianna (resident citizen), earning compensation income and from self-employment, provided the following data for the 1(st) quarter of 2018 Compensation income P 780,000 Sales 1,275,000 Cost of sales 625,000 Business expenses 350,000 Royalty from books 40,000 Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset 70,000 Loss on sale of land in the Philippines held as a capital asset with cost of P1.5M when the zonal value is P1,200,000. 500,000 A. Determine the total business tax due and payable for the first semester B. Determine the total business tax due and payable for the first quarter, if applicable, assuming Brianna opted to be taxed at 8%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Brianna (resident citizen), earning compensation income and from self-employment, provided the following data for the 1(st) quarter of 2018
Compensation income P 780,000
Sales 1,275,000
Cost of sales 625,000
Business expenses 350,000
Royalty from books 40,000
Gain on direct sale to buyer of shares of stock of a domestic corp. held as capital asset 70,000
Loss on sale of land in the Philippines held as a capital asset with cost of P1.5M when the zonal value is P1,200,000. 500,000
A. Determine the total business tax due and payable for the first semester
B. Determine the total business tax due and payable for the first quarter, if applicable, assuming Brianna opted to be taxed at 8%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education