First Item: Problem Solving] Jenny Water District holds a franchise to operate and distribute water to individuals and industrial consumers of Greater Midsayap Area.  In August the current taxable year, it showed the following data:  Gross receipts from sale of water P2,000,000 Gross rentals received from the use of its water equipment 300,000 Purchases of supplies from VAT-registered taxpayers,   total invoice amount 200,000 The percentage tax for the month is: a. Nil  b. P40,000  c.  P46,000 d.  P60,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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[First Item: Problem Solving] Jenny Water District holds a franchise to operate and distribute water to individuals and industrial consumers of Greater Midsayap Area.  In August the current taxable year, it showed the following data: 

Gross receipts from sale of water P2,000,000
Gross rentals received from the use of its water equipment 300,000
Purchases of supplies from VAT-registered taxpayers,  
total invoice amount 200,000

The percentage tax for the month is:

a. Nil 

b. P40,000 

c.  P46,000

d.  P60,000

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