Cure Pharmaceuticals is engaged in the business of selling drugs and medicines. The following data were made available for the first quarter of 2019:

Revenues Php 20,000,000

Cost of services 12,000,000

Operating expenses 3,000,000

Receivables: December 31, 2018 400,000

Receivables: March 31, 2019 300,000

 

In addition, the following information was provided:

1) All sales for the first quarter were cash and credit card sales.

2) All sales made to senior citizens are cash sales.

3) Sales are net of senior citizens discount amounting to Php 400,000.

4) Receivables at the beginning and ending of first quarter are outstanding receivables from creditcard companies.

5) The amounts of receivables are VAT inclusive.

6) Sales are inclusive of sales of medicines prescribed for diabetes, high cholesterol, andhypertension to non-senior citizens amounting to Php 600,000.

7) Included in the operating expenses are entertainment, amusement, and recreational expensesamounting to Php 300,000.

8) Input tax credit from purchase of goods and services for the first quarter amounts to Php600,000.

 

20. How much is the output tax due for the first quarter of 2019?


21. How much is the deductible creditable input tax for the first quarter of 2019?

22. How much is the income tax due for the first quarter of 2019, assuming itemized deduction wasused?


23. How much is the income tax due for the first quarter of 2019, assuming OSD was used?