ABC CORP. is a holder of a franchise to sell water in a particular locality. During...
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ABC CORP. is a holder of a franchise to sell water in a particular locality. During the last quarter, it had the following gross receipts from the sale of water: October P560,000; November P750,000; and December P430,000. It is also engaged in the business of selling hardware materials and tools which are related to the nature of its business. During the quarter, its gross sales inclusive of tax, amounted to P672,000. The input tax from purchases was P37,200. 1) The franchise tax due for the quarter is: 2) The value-added tax on the sale of hardware materials and tools is: ABC Corp, received a bill of P4,000 from XYZ for the month of October. Seventy-five percent of this is from local calls, while twenty-five percent is from overseas call. The total input during the month amounted to P15,000. 1) How much overseas communication tax is payable by ABC CORP? ABC CORP. is a holder of a franchise to sell water in a particular locality. During the last quarter, it had the following gross receipts from the sale of water: October P560,000; November P750,000; and December P430,000. It is also engaged in the business of selling hardware materials and tools which are related to the nature of its business. During the quarter, its gross sales inclusive of tax, amounted to P672,000. The input tax from purchases was P37,200. 1) The franchise tax due for the quarter is: 2) The value-added tax on the sale of hardware materials and tools is: ABC Corp, received a bill of P4,000 from XYZ for the month of October. Seventy-five percent of this is from local calls, while twenty-five percent is from overseas call. The total input during the month amounted to P15,000. 1) How much overseas communication tax is payable by ABC CORP?
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1 To compute the franchise tax due for the quarter youll need to sum up the gross receipts from the ... View the full answer
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0132109178
14th Edition
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
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