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Statement 1 Gross receipts of common carriers derived from their incoming and outgoing freight shall not be subject to local taxes imposed under R.A. No. 7160. Statement 2 The statutory minimum quarterly amounts on domest common carriers apply when there is no evidence of actual gross receipts or the actual gross receipts are lower than the required

Statement 1 Gross receipts of common carriers derived from their incoming and outgoing freight shall not be subject to local taxes imposed under R.A. No. 7160. Statement 2 The statutory minimum quarterly amounts on domest common carriers apply when there is no evidence of actual gross receipts or the actual gross receipts are lower than the required

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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Statement 1 Gross receipts of common carriers derived from their incoming and outgoing freight shall not be subject to local taxes imposed under R.A. No. 7160. Statement 2 The statutory minimum quarterly amounts on domestic common carriers apply when there is no evidence of actual gross receipts or the actual gross receipts are lower than the required statutory gross receipts. Only Statement 1 is correct c. Both statements are correct Only Statement 2 is correct d. Neither statement is correct а. b.
Transcribed Image Text:Statement 1 Gross receipts of common carriers derived from their incoming and outgoing freight shall not be subject to local taxes imposed under R.A. No. 7160. Statement 2 The statutory minimum quarterly amounts on domestic common carriers apply when there is no evidence of actual gross receipts or the actual gross receipts are lower than the required statutory gross receipts. Only Statement 1 is correct c. Both statements are correct Only Statement 2 is correct d. Neither statement is correct а. b.
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