Question
ABC Corporation is a domestic corporation engaged in land transport business. It had the following data for April 2021: RECEIPTS Transport of passengers P1,600,000 Transport
ABC Corporation is a domestic corporation engaged in land transport business. It had the following data for April 2021:
| RECEIPTS | |
| Transport of passengers | P1,600,000 |
| Transport of cargoes | 2,400,000 |
| PURCHASES | |
| Gas, oil & materials for the transport of passengers | 300,000 |
| Gas, oil & materials for the transport of cargoes | 600,000 |
| All amounts are exclusive of applicable tax. |
How much is the common carrier's tax?
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
