Mr. Masipag had annual gross receipts not exceeding P100,000. During themonth, he made the following sales:hallSale of car rugsSale of cigarettesSale of candiesP 2,0003,0003.000P.Total8.000Compute the total amount subject to business tax.а. РОb. P2,0000000c. P 5,000d. P 8,0002920:aM M I

Under current tax regulations, marginal income earners are self-employed individuals deriving gross…

Answered: Mr. Masipag had annual gross receipts…

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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In the quarter ended 31 March 20X2, Chas had taxable sales, net of sales tax, of $90,000 and taxable purchases, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable В $2,000 receivable C $1,800 payable D $2,000 payable

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Mr. Masipag had annual gross receipts not exceeding P100,000. During the month, he made the following sales: hall P 2,000 3,000 3.000 P. Sale of car rugs Sale of cigarettes Sale of candies Total 8.000 Compute the total amount subject to business tax. а. РО b. P2,000 с. Р 5,000 d. P 8,000