A domestic common camer has the following data on gross receipts and expenses for the first...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A domestic common camer has the following data on gross receipts and expenses for the first quarter of 2018: TV Transport of passengers Transport of goods and cargoes Expenses, transport of passengers Expenses, transport of goods and cargoes 1. How much is the percentage tax if it is a domestic common carrier by land, VAT registered? 2. Based on the previous information, how much is the percentage tax if it is a domestic common carrier by water, not VAT-registered? PROBLEM 4 (Adapted) Franco Company is a holder of franchise. Aside from its receipts from the use of franchise, it also leases its auditorium and theatre. In a particular month, its gross receipts from the use of franchise amount to P1,000,000. The gross receipts from the lease of its auditorium and theater amount to P500,000 P 1,000,000 1.000.000 500,000 400,000 1. Assuming Franco Company is franchise grantee selling electricity, how much is the franchise tax due for the month? 2. In connection with the previous question and assuming further that Franco Company is a VAT-registered company, how much is the 12% VAT for the month? 3. Assuming Franco Company is a franchise grantee of gas utilities, how much is the franchise tax? PROBLEM 5 (Adapted) The following information are available for the current period Revenues of the current period Collections during the period of 1948 Revenues of prior periods Revenues of the current period Revenues of the succeeding period (advances) P 800,000 50,000 500,000 10,000 Compute for the business tax under the following situation: 1. If the business is a domestic common carrier by land for the transport of passengers. 2. If the business is a night club. 3. If the business is a racetrack. A domestic common camer has the following data on gross receipts and expenses for the first quarter of 2018: TV Transport of passengers Transport of goods and cargoes Expenses, transport of passengers Expenses, transport of goods and cargoes 1. How much is the percentage tax if it is a domestic common carrier by land, VAT registered? 2. Based on the previous information, how much is the percentage tax if it is a domestic common carrier by water, not VAT-registered? PROBLEM 4 (Adapted) Franco Company is a holder of franchise. Aside from its receipts from the use of franchise, it also leases its auditorium and theatre. In a particular month, its gross receipts from the use of franchise amount to P1,000,000. The gross receipts from the lease of its auditorium and theater amount to P500,000 P 1,000,000 1.000.000 500,000 400,000 1. Assuming Franco Company is franchise grantee selling electricity, how much is the franchise tax due for the month? 2. In connection with the previous question and assuming further that Franco Company is a VAT-registered company, how much is the 12% VAT for the month? 3. Assuming Franco Company is a franchise grantee of gas utilities, how much is the franchise tax? PROBLEM 5 (Adapted) The following information are available for the current period Revenues of the current period Collections during the period of 1948 Revenues of prior periods Revenues of the current period Revenues of the succeeding period (advances) P 800,000 50,000 500,000 10,000 Compute for the business tax under the following situation: 1. If the business is a domestic common carrier by land for the transport of passengers. 2. If the business is a night club. 3. If the business is a racetrack.
Expert Answer:
Answer rating: 100% (QA)
Calculate the taxes for the given scenarios Problem 1 For a domestic common carrier by land VATregistered The Percentage Tax rate for VATregistered do... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Prove that if a signal r(t) is absolutely integrable, then its Fourier transform X(jw) is continuous as a function of w R. In discrete time, if r[n] is absolutely summable then its discrete-time...
-
The following data relating to direct materials cost for August of the current year are taken from the records of Happy Tots Inc., a manufacturer of plastic toys: Quantity of direct materials used...
-
You are engaged in the examination of financial statements of the Dewoskin Company and are auditing the Machinery and Equipment account and the related depreciation accounts for the year ended...
-
A computer with a printer is required for Problems 17 through 24. In these initial value problems, use the improved Euler method with step sizes h = 0.1, 0.02, 0.004, and 0.0008 to approximate to...
-
Monroe Bradstad borrowed \($100,000\) from his aunt, Jeanne Garland, to purchase farmland. Both parties subsequently signed a promissory note stipulating that interest would be accrued prior to or on...
-
House Station, Inc., is a nationwide hardware and furnishings chain. The manager of the House Station Store in Portland is evaluated using ROI. House Station headquarters requires an ROI of 10...
-
Discuss each of the following terms: (a) data (b) database (c) database management system (d) database application program (e) data independence (f) security (g) integrity (h) views 2. What is...
-
Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5,...
-
DM CC Beginning WIP 1000 10,000,000 3,500,000 Unit dikerjakan di April 5000 50,000,000 15,000,000 Finished in april 4000 Ending WIP 1500 DM 100% DL 80% Eunit Cost per unit Cost of completed units WIP...
-
Considering the behavior of young individuals today, do you believe that their development is still in consonance with principles and facts about psychosexual development? Why?
-
The Kaufmans have decided to buy a house that costs $260,000. After a down payment of $20,000, they can get an interest rate of 7.8%. Find their monthly payments if they set up a 30 year loan What is...
-
A bond issued by Liberty, Inc. has a coupon rate of 8% and a face value of $1,000. The bond will mature in 2 years. The bond is currently selling in the market at a price of $950. A potential...
-
A. Imagine the white car in the left lane is moving more slowly than the surrounding traffic. How is this a violation of state uniform traffic law? B. If a driver is driving more slowly than the...
-
Implement the query below and explain how the processing of display the amazon express price display? SELECT c.Name, p.Title, sc.Quantity, p.amazon Express Price, s.Name FROM ShoppingCart sc, Product...
-
Your friend's house is really smelly because they have four dogs. You notice the smell as soon as you walk in. But 20 minutes later, you're hardly even thinking about it. This is an example of which...
-
Simplify the expression. Assume that all variables are positive. 23VI1 2 V44 8
-
Claudia Carpet manufactures broadloom carpet in seven processes: spinning, dyeing, plying, spooling, tufting, latexing, and shearing. In the Dyeing Department, direct materials (dye) are added at the...
-
Root Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Root allocates overhead based on yards of direct materials. The companys performance report...
-
Bridget Shine has trouble keeping her debits and credits equal. During a recent month, Bridget made the following accounting errors: a. In preparing the trial balance, Bridget omitted a $4,000 Notes...
-
Which of the following steps in the acquisition of goods and services occurs first? a. Appropriation b. Encumbrance c. Budget d. Expenditure
-
Fixed assets purchased from general fund revenue were received. What account, if any, should have been debited in the general fund? a. None b. Fixed Assets c. Expenditures d. Fund BalanceUnassigned
-
When a governmental units Estimated Revenues Control account is closed out at the end of the fiscal year, the excess of estimated revenues over estimated appropriations is a. Debited to Fund...
Study smarter with the SolutionInn App