Question
23. Isarog is a vat registered common carrier with passenger buses and cargo trucks. For the month of June 2020, it had the following data
23. Isarog is a vat registered common carrier with passenger
buses and cargo trucks. For the month of June 2020, it had
the following data on revenues and receipts, taxes not
included:
For transporting passengers, gross revenues and
receipts of P330,000.
For transporting cargoes, gross revenues of P220,000,
of which P200,000 was received
For renting out to the MMDA its towing trucks, gross
receipts of P50,000, representing P10,000 from gross
revenue of the quarter ending March 31 and P40,000
for the month of June.
The percentage tax is
A. P1,500
B. P9,900
C. P15,900
D. P17,400
24. One of the following is subject to three percent (3%)
percentage tax
A. Establishments whose annual gross sales or
receipts exceed P 3,000,000 and who are VAT
registered
B. Businesses whose annual gross sales or receipts
exceed P 3,000,000 and who are not VAT
registered
C. VAT registered establishment whose annual
gross sales or receipts do not exceed P3,000,000
D. Establishments whose annual gross sales or
receipts do not exceed P3,000,000 and who are
not VAT registered
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started