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 Kingdom. • Twenty-five percent (25%) of all its revenues were from the transport of cargoes and goods. Compute the income tax payable for 2X18.
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 Kingdom. • Twenty-five percent (25%) of all its revenues were from the transport of cargoes and goods. Compute the income tax payable for 2X18.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Kingdom.
• Twenty-five percent (25%) of all its revenues were from the transport of cargoes and goods.
Compute the income tax payable for 2X18.
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