[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 waterP2,000,000Gross rentals received from the use of its water equipment300,000Purchases of supplies from VAT-registered taxpayers, total invoice amount200,000The percentage tax for the month is:a. Nil b. P40,000 c. P46,000d. P60,000

Percentage of Tax Percentage of taxes which are applicable for Business entity which can be imposed…

Answered: First Item: Problem Solving] Jenny…

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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[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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