FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ms. McDollibee is an operator of business which primary source of income is to sell fried chicken named McDollyken. Ms. McDollibee is a Non-VAT registered

Ms. McDollibee is an operator of business which primary source of income is to sell fried chicken named McDollyken. Ms. McDollibee is a Non-VAT registered person. Gross receipts does not exceed VAT threshold. The following transaction transpired during the month of January 2020 (All VAT exclusive):

Regular Sales - P210,000

Sale to PEZA Entities - P105,000

Personal Consumption - P35,000

Purchases of machine with 4 years useful life - P500,000

Purchase of Fresh Chicken - P100,000

Business Tax is?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1-27

College Accounting Chapters 1-27

Authors: James A. Heintz, Robert W. Parry

23rd edition

1337794759, 978-1337794756

More Books

Students also viewed these Accounting questions

Question

★★★★★
We have a variety of theorems about how to create column spaces and row spaces and they frequently involve row-reducing a matrix. Here is a procedure that some try to use to get a column space. Begin...

Answered: 1 week ago

Question

★★★★★
Consider a 2-ft 2-ft thin square plate in a room at 75F. One side of the plate is maintained at a temperature of 130F, while the other side is insulated. Determine the rate of heat transfer from the...

Answered: 1 week ago

Question

★★★★★
1. Novice teachers face numerous tasks and scenarios with which they have little prior experience. For teachers currently entering the field, which of the following is not a challenge they are apt to...

Answered: 1 week ago

Question

★★★★★
Your firm has 10 million shares outstanding, and you are about to issue 5 million new shares in an IPO. The IPO price has been set at $20 per share, and the underwriting spread is 7%. The IPO is a...

Answered: 1 week ago

Question

★★★★★
he Sullivan Co. needs to raise $66.4 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer...

Answered: 1 week ago

Question

★★★★★
Which letter goes to what sentences? A monthly check received by an economics student who has been granted a government scholarship a. Investment - A farmer's purchase of a new tractor b. Transfer...

Answered: 1 week ago

Question

★★★★★
Thinking about your natural negotiation style, ask yourself: In general, when does your style help you and when does it not help you in negotiation situations? Now, think about how you can translate...

Answered: 1 week ago

Question

★★★★★
There are three (3) columns, the first column is the reduction of prevention costs, second column is progressive reduction of appraisal costs, and the last column is reduction of failure costs. 2.In...

Answered: 1 week ago

Question

★★★★★
( Scenario 1 4 - 1 ) After it launched, PlayWithMe contracted with three major search engines to show its advertisements any time a user searched for certain terms that were closely identified with...

Answered: 1 week ago

Question

★★★★★
There are three different methods commonly used for capturing network data. These are (1) using a network tap, (2) using a SPAN port on a switch, and (3) using a tool built into a network device...

Answered: 1 week ago

Question

★★★★★
Gross amount of invouce is $ 8 5 0 . there is no freight charge. date of invoice is 8 / 4 . terms of invoice are 3 / 1 0 , 2 / 1 5 and n / 3 0 . date of payment is 8 / 1 8 . find the cash discount....

Answered: 1 week ago

Question

★★★★★
Several employees have complained about the enBookmark question for later Ricardo has been working as a manager at ABC Company for years and is known for his efforts to include others in important...

Answered: 1 week ago

Question

★★★★★
1. Effort is important.

Answered: 1 week ago

Question

★★★★★
2. Set up two points representing the pillars of your values system. Discuss this with the others in the group.

Answered: 1 week ago

Question

★★★★★
8. Find values in the Norwegian culture that you believe have been stable over a long period. Do you feel that these values say something about your own values?

Answered: 1 week ago

Previous Question Next Question