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Pure Self-Employment

Pure Self-Employment

FINANCIAL ACCOUNTING
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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Pure Self-Employment Ms. Abrial is the owner of Bebe Party Favors store. She also works as a party nost. " 2018 her store's gross sales amounted to P1,200,000 while her gross receipts as party host amounted to P450,000. She has signified her intention to be taxed at 8% income tax rate in her first quarter income tax return. What is Ms. Abrial's income tax liability for 2018? Assume that Ms. Abrial (above) failed to signify her intention to be taxed at 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000. Compute for Ms. Abrial's income tax due for 2018.
Transcribed Image Text:Pure Self-Employment Ms. Abrial is the owner of Bebe Party Favors store. She also works as a party nost. " 2018 her store's gross sales amounted to P1,200,000 while her gross receipts as party host amounted to P450,000. She has signified her intention to be taxed at 8% income tax rate in her first quarter income tax return. What is Ms. Abrial's income tax liability for 2018? Assume that Ms. Abrial (above) failed to signify her intention to be taxed at 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000. Compute for Ms. Abrial's income tax due for 2018.
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