Question
Please show solution Mr. D executed on January 1, 2019 a long term loan from Bank C in the amount of P6,000,000 payable within 10
Please show solution
Mr. D executed on January 1, 2019 a long term loan from Bank C in the amount of P6,000,000 payable within 10 years, with an annual interest of 2%. However, on December 31, 2022, the loan was preterminated. Assuming Bank C declared correctly the interest from 2019 to 3rd quarter of 2022 and the applicable gross receipts taxes were paid, how much gross receipts tax should be paid for the 4th quarter of 2022?
A. P19,200
B. P24,500
C. P19,700
D. P19,500
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
Accounting Information Systems Controls and Processes
Authors: Leslie Turner, Andrea Weickgenannt, Mary Kay Copeland
3rd edition
1119329566, 1119329565, 1119386179, 1119302110, 9781119302117 , 978-1119329565
