GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022)OverBut not over The Tax shall bePlusOf Excess Over250,000250,000400,00020%250,000400,000800,00030,00025%400,000800,0002,000,000130,00030%800,0002,000,000 8,000,000490,00032%2,000,0008,000,0002,410,00035%8,000,000 Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1 Million and gross receiptsof Php 2 Million. The company spent Php 150,000 for representation expenses. How much is the non-deductiblerepresentation expense?ChoicesPhp 125,000Php 25,000Php 105,000Php 150,000

Representation Expenses: It is expenses incurred by a taxpayer in connection with the conduct of…

Answered: Nicanor, a businessman engaged in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

V Co. has an agreement to pay its sales manager a bonus of 7.5% of the company's earnings due to an exemplary performance. The income for the year before bonus and tax is ₱6,890,500. Income tax rate is 32% of income after bonus. The bonus is computed after deduction for both bonus and tax. Compute for the amount of bonus for the year.
Nicanor, a businessman engaged in selling goods and services reported gross sales of 1,000,000 and gross receipts of 2,000,000. The company spent 150,000 for representation expenses. How much is the non-deductible representation expense? 125,000 105,000 25,000 150,000
ABC Jewelry sells a $5,000 bracelet and collects 6% sales tax. The company will record: Select one: a. Sales Revenue of $5,000. b. Sales Revenue of $5,000 and Sales Tax Revenue of $300. c. Sales Revenue of $5,300. d. Sales Revenue of $5,000 and Sales Tax Expense of $300.
21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, inclusive of VAT 560,000 How much is the amount of business tax payable? (NO Solutions)
Zhie reports the following business transactions: Gross sales P840,000 Sales discounts 25,000 Cost of sales 250,000 Operating expenses 190,000 Interest income on bank deposits- BPI 10,000 Zhie also earned a total compensation of P410.020, from a part-time employment of which, P105,000 is excluded from taxation. Compute the taxable income of zhie which is subject to regular income tax:
Vijay
As franchisee, Virgie delos Reyes had the following data on revenue and receivables: Revenues Receivables, beg Receivables, end 2,000,000 From Operations covered by the franchise 300,000 400,000 From Operations not covered by the franchise 600,000 90,000 80,000 45 25 The percentage tax, if operating a water system, is *
X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclusive of VAT. The goods were bought for P8,000 exclusive of VAT. How much is the VAT payable? * O PO P1,329 O P1,488 О Р369
A VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:7. The sale is made to regular customers.8. The sale is made by a registrable person.
A company sells $100,000 (sales price) of goods and collects sales tax of 7%. What current liability does the sale create? OA. Unearned revenue of $7,000 OB. Sales revenue of $107,000 OC. Sales tax payable of $7,000 OD. None; the company collected cash up front.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS