Show your solution and explain with an evidences.

1) Compute the percentage tax.*

An international carrier generated the following receipts:

Incoming Outgoing

Passengers P1,000,000 P2,000,000

Cargoes 500,000 400,000

a) P72,000

b) P60,000

c) P12,000

d) 0

2) Phil Co. raised its total outstanding shares by 40% to 70,000,000. This was made by conducting an initial public offering. The IPO shares were offered and sold for 20 per share. The stock transaction tax is.*

a) P16,000,000

b) 8,000,000

c) P7,000,000

d) P4,000,000

3) Chavit, a Filipino citizen, promoted a Philippine boxing championship in Manila featuring Mark, the champion and Zeus, his challenger. Gate receipts amounted to P3,000,000 and additional receipts from television coverage was P2,000,000. The amusement tax due is:*

a) Exempt

b) P500,000

c) P300,000

d) P600,000

4) The output VAT and OPT due for the quarter are*

Victory Bus Lines had the following receipts during the quarter:

Gross receiupts, without tax:

Transport of Passengers 1,000,000

Transport of Goods 1,500,000

Transport of Cargoes 500,000

a) Output VAT P240,000 OPT due P30,000

b) Output VAT P360,000 OPT due -0-

c) Output VAT -0- OPT due P90,000

d) Out VAT P360,000 OPT due P30,000

5) Compute the transitional input VAT.*

Tarlac Company voluntarily registered to VAT. It has the following inventory at the start of the year:

Processed foods from VAT sellers P11,200

Processed foods from non-VAT sellers 90,000

Agricultural food products 200,000

a) -0-

b) P1,200

c) P2,000

d) P6,000