Pure Self-Employment Mr. Adolfo, owner of Azi Sports Shop, has opted to be taxed at the 8% income tax rate. He has no other source of income aside from his shop. For the first three (3) quarters of 2018, shop's total sales amount to P3,000,000 while for the 4th quarter, it is P2,300,000. Below are the cost of sales and operating expenses for the four quarters of 2018. What is the income tax due for the year 2018? 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. (8% Rate) (8% Rate) (8% Rate) Gross Sales/Receipts 650,000 900,000 1,450,000 2,300,000 Less: Cost of Sales 300,000 450,000 550,000 900,000 Gross Income 350,000 450,000 900,000 1,400,000 Less: Operating Expenses 160,000 210,000 260,000 420,000 Taxable Income 190,000 240,000 640,000 980,000

Pure Self-Employment Mr. Adolfo, owner of Azi Sports Shop, has opted to be taxed at the 8% income tax rate. He has no other source of income aside from his shop. For the first three (3) quarters of 2018, shop's total sales amount to P3,000,000 while for the 4th quarter, it is P2,300,000. Below are the cost of sales and operating expenses for the four quarters of 2018. What is the income tax due for the year 2018? 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. (8% Rate) (8% Rate) (8% Rate) Gross Sales/Receipts 650,000 900,000 1,450,000 2,300,000 Less: Cost of Sales 300,000 450,000 550,000 900,000 Gross Income 350,000 450,000 900,000 1,400,000 Less: Operating Expenses 160,000 210,000 260,000 420,000 Taxable Income 190,000 240,000 640,000 980,000

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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1. PLEASE SHOW ALL WORK SO I CAN FOLLOW ALONG! THANK YOU SO MUCH! 56,000 IS NOT THE ANSWER. I REPEAT 56,000 IS NOT THE ANSWER. I HAVE SEEN THIS ANSWER BEFORE. PLEASE DO NOT GIVE ME 56,000 BECAUSE IT IS NOT CORRECT.
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