Yvonne, a non-VAT registered taxpayer, operates a small variety store. Her gross sales or receipts of...
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Yvonne, a non-VAT registered taxpayer, operates a small variety store. Her gross sales or receipts of the preceding taxable year did not exceed P3,000,000. In July of the current taxable year, the records presented the following data: Gross sales Purchases from a VAT-registered person Merchandise inventory, ending Required: Compute for the percentage tax due and payable. Grizzy Transport is engaged in the transportation business. It is registered as a domestic common carrier by land. The receipts for June of the current taxable year are as follows: Sourced from the transport of passengers Sourced from the transport of goods Sourced from the transport of cargoes P250,000 180,000 100,000 Required: Compute for the common carrier's tax due. P 1,800,000 2,200,000 800,000 Yvonne, a non-VAT registered taxpayer, operates a small variety store. Her gross sales or receipts of the preceding taxable year did not exceed P3,000,000. In July of the current taxable year, the records presented the following data: Gross sales Purchases from a VAT-registered person Merchandise inventory, ending Required: Compute for the percentage tax due and payable. Grizzy Transport is engaged in the transportation business. It is registered as a domestic common carrier by land. The receipts for June of the current taxable year are as follows: Sourced from the transport of passengers Sourced from the transport of goods Sourced from the transport of cargoes P250,000 180,000 100,000 Required: Compute for the common carrier's tax due. P 1,800,000 2,200,000 800,000
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Net Sales can be computed as Gross Sales Purchases from a VAT ... View the full answer
Related Book For
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
Posted Date:
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