Pacific Airlines, an international carrier, showed the following gross receipts for 2X18: Point of OriginDestinationGross ReceiptsPhilippinesUnited States of AmericaP 8,000,000United States of AmericaUnited Kingdom4,000,000United States of AmericaPhilippines3,750,000United KingdomPhilippines2,100,000 Additional information:Forty percent (40%) of the shipments from the Philippines to the United States were later shipped to the UnitedTwenty-five percent (25%) of all its revenues were from the transport of cargoes and Compute the income tax payable for 2X18. China Airlines , a resident foreign corporation, has the following data for the taxable year 2x18: Passengers airfare from China to the PhilippinesP 1,800,000Passengers airfare from the Philippines to China1,500,000Airfare for cargoes from China to the Philippines700,000Airfare for cargoes from the Philippines to China1,300,000 Compute the income tax payable.

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Answered: Pacific Airlines, an international…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Pacific Airlines, an international carrier, showed the following gross receipts for 2X18:

Point of Origin	Destination	Gross Receipts
Philippines	United States of America	P 8,000,000
United States of America	United Kingdom	4,000,000
United States of America	Philippines	3,750,000
United Kingdom	Philippines	2,100,000

Additional information:

Forty percent (40%) of the shipments from the Philippines to the United States were later shipped to the United
Twenty-five percent (25%) of all its revenues were from the transport of cargoes and

Compute the income tax payable for 2X18.

China Airlines , a resident foreign corporation, has the following data for the taxable year 2x18:

Passengers airfare from China to the Philippines	P 1,800,000
Passengers airfare from the Philippines to China	1,500,000
Airfare for cargoes from China to the Philippines	700,000
Airfare for cargoes from the Philippines to China	1,300,000

Compute the income tax payable.

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