Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He presented the following information. (Refer to the table below). The business maintains a cost of sales throughout the year equal to 60% of the gross sales. Quarterly Gross Sales/Receipts 1ª quarter 2nd Php. 400,000 500,000 quarter 3rd quarter 4th quarter Quarterly Operating Expenses 1t quarter 1,800,000 3,500,000 Php. 80,000 2nd 120,000 quarter 3rd quarter 4th quarter 360,000 550,000 COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTER COMPUTE FOR THE TAX DUE FOR THE 1ST QTR * COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR
Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He presented the following information. (Refer to the table below). The business maintains a cost of sales throughout the year equal to 60% of the gross sales. Quarterly Gross Sales/Receipts 1ª quarter 2nd Php. 400,000 500,000 quarter 3rd quarter 4th quarter Quarterly Operating Expenses 1t quarter 1,800,000 3,500,000 Php. 80,000 2nd 120,000 quarter 3rd quarter 4th quarter 360,000 550,000 COMPUTE FOR THE TAXABLE INCOME FOR THE 1ST QUARTER COMPUTE FOR THE TAX DUE FOR THE 1ST QTR * COMPUTE FOR THE TAX STILL DUE AND PAYABLE FOR THE 2NQ QTR
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 25P
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