Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. Hepresented the following information. (Refer to the table below). The business maintains a costof sales throughout the year equal to 60% of the gross sales.Quarterly Gross Sales/Receipts1t quarter2nd quarter3rd quarter4th quarterQuarterly Operating Expenses1* quarter2nd quarter3rd quarter4th quarterPhp. 400,000500,0001,800,0003,500,000Php. 80,000120,000360,000550,000COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTERCOMPUTE FOR THE TAX DUE FOR THE 1ST QTR *COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR

Tax payable: It implies to the tax liability that is still left to be settled in cash. It includes…

Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He presented the following information. (Refer to the table below). The business maintains a cost of sales throughout the year equal to 60% of the gross sales. Quarterly Gross Sales/Receipts 1ª quarter 2nd Php. 400,000 500,000 quarter 3rd quarter 4th quarter Quarterly Operating Expenses 1t quarter 1,800,000 3,500,000 Php. 80,000 2nd 120,000 quarter 3rd quarter 4th quarter 360,000 550,000 COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTER COMPUTE FOR THE TAX DUE FOR THE 1ST QTR * COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR

Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He presented the following information. (Refer to the table below). The business maintains a cost of sales throughout the year equal to 60% of the gross sales. Quarterly Gross Sales/Receipts 1ª quarter 2nd Php. 400,000 500,000 quarter 3rd quarter 4th quarter Quarterly Operating Expenses 1t quarter 1,800,000 3,500,000 Php. 80,000 2nd 120,000 quarter 3rd quarter 4th quarter 360,000 550,000 COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTER COMPUTE FOR THE TAX DUE FOR THE 1ST QTR * COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR

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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Question

Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He
presented the following information. (Refer to the table below). The business maintains a cost
of sales throughout the year equal to 60% of the gross sales.
Quarterly Gross Sales/Receipts
1t quarter
2nd quarter
3rd quarter
4th quarter
Quarterly Operating Expenses
1* quarter
2nd quarter
3rd quarter
4th quarter
Php. 400,000
500,000
1,800,000
3,500,000
Php. 80,000
120,000
360,000
550,000
COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTER
COMPUTE FOR THE TAX DUE FOR THE 1ST QTR *
COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR

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