Question 31 5 pts Tess is in the automotive buy and sell business. Upon starting the business alone, she looked for a showroom to rent out and hired employees. She even bought a delivery van for PhP500,000 to be used in the business that can be sold for PhP50,000 at the end of its useful life of 10 years. The business was operative and at the end of year, Tess asked for your help to determine the Tax and Income of the business using the following information: Gross Sales Php 12,000,000 Delivery expense of cars purchased 80,000 Sales Discounts and Returns 2,000,000 Purchases 6,000,000 Purchase Discounts 150,000 Jun's Sales Agents Commission (not yet part of "Salaries") 200,000 Inventory, beginning 1,500,000Inventory, beginning 1,500,000 Inventory, end 2,500,000 Inventory, mid-year 2,000,000 Salaries 800,000 Rent 100,000 Allowance for bad debts 400,000 Uncollectible accounts (10% of it is written-off) 200,000 Freight insurance on purchased vehicles 300,000 Registration expense of personal vehicles 20,000 Gambling winnings of Tess 120,000 Representation Expense 350,000 What is the Tax Payable for Tess, if any?AnimoSpace Support ? What is the Tax Payable for Tess, if any? (Number format: 123,456) Use this table for the tax rates: Amount of Net Taxable Rate Income Over But Not Over not over P250,000 0% P250,000 P400,000 20% of the excess over P250,000 P400,000 P800,000 P30,000 + 25% of the excess over P400,000 P800,000 P2,000,000 P130,000 + 30% of the excess over P800,000 P2,000,000 P8,000,000 P490,000 + 32% of the excess over P2,000,000 P8,000,000 and above P2,410,000 + 35% of the excess over P8,000,000 No new data to save. Last checked at 4:40pm Submit