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Mary Grace, a resident of Quezon City, single, owns a restaurant in Aguinaldo and in Reyes Street, Quezon City. In 2021 it had the following data:                                 Gross receipts    Expenses  Aguinaldo Branch  P4,055,015.20     P3,296,423.10  Reyes Branch        3,624,980.60        3,025,114.80 Requirements:  1. Community tax payable if paid on April 30, 2022 2. Community tax payable for 2022 if a corporation paid in January 2022.

Mary Grace, a resident of Quezon City, single, owns a restaurant in Aguinaldo and in Reyes Street, Quezon City. In 2021 it had the following data:                                 Gross receipts    Expenses  Aguinaldo Branch  P4,055,015.20     P3,296,423.10  Reyes Branch        3,624,980.60        3,025,114.80 Requirements:  1. Community tax payable if paid on April 30, 2022 2. Community tax payable for 2022 if a corporation paid in January 2022.

FINANCIAL ACCOUNTING
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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Mary Grace, a resident of Quezon City, single, owns a restaurant in Aguinaldo and in Reyes Street,
Quezon City. In 2021 it had the following data:


                                Gross receipts    Expenses
 Aguinaldo Branch  P4,055,015.20     P3,296,423.10
 Reyes Branch        3,624,980.60        3,025,114.80


Requirements: 
1. Community tax payable if paid on April 30, 2022
2. Community tax payable for 2022 if a corporation paid in January 2022.

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