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1 Isarog is a common carrier with passenger buses and cargo trucks. For the month of June 2018, it had the following data on gross
1 Isarog is a common carrier with passenger buses and cargo trucks. For the month of June 2018, it had the following data on gross revenues and receipts (exclusive of taxes): For transporting passengers (receipts) 660,000 For transporting cargoes (revenues) 440,000 Actual receipts amounted to P400,000 For renting out to the MMDA its towing trucks (receipts) 100,000 P20,000 represents revenue from the first quarter and the balance of 80,000 represents receipts from income earned in June Required: 1. Percentage Tax Due 2. Output VAT Payable Philippine businesstaxation
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